that showed its cost-cutting efforts are bearing fruit. The company said it now expects adjusted earnings for its fiscal year 2023 to come in between $14.60 and $15.20, up from a prior forecast of between $13.00 and $14.00. Executives have been carrying out an aggressive plan to reduce costs in the face of shrinking shipping volumes.
The cost reductions have included layoffs, grounding planes, cutting office space and adjusting delivery services. "We are holistically adjusting to the cost base on all dimensions and all areas. Every dollar is under scrutiny," CFO Mike Lenz said during FedEx's earnings call.Massachusetts Institute of Technology students play football outside the Maclaurin building October 10, 2003 in Cambridge, Massachusetts.
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