FedEx (FDX) shares soared Friday and were the biggest gainer on the S&P 500 after the 🐻logistics company reported quarterly earnings that topped analysts' expectations, as ongoing cost-c🃏utting efforts gave a boost to the bottom line.

The shipping giant late Thursday posted adjusted net income of $966 million and diluted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $3.86 for the third quarter of fiscal 2024. Both numbers were higher than the year-earlier quarter and 澳洲幸运5开奖号码历史查询:well ahead of estimates compiled by Visible Alpha.

FedEx said that its efforts to trim costs and improve efficiency helped offset a decline in revenue, which fell to $21.7 billion from $22.2 billion in the year-earlier quarter. Revenue 𒊎has decreased year-over-year for several consecutive quarters as FedEx has struggled to maintain the level of demand for its services that hit all-time highs during the pandemic.

“FedEx delivered another quarter of improved profitability in what remains a difficult demand environment, reflecting outstanding service and continued benefits from DRIVE,” FedEx Chief Executive Officer Raj Subramaniam said, referring to the program announced almost a year ago to cu🍌t $🦹4 billion in costs by 2025.

"DRIVE is having a real impact, supporting both operating income growth and margin expansion," Chief Financial Officer John Dietrich said in the earnings release.

FedEx said it is reducing its planned♓ cap☂ital spending for full-year fiscal 2024 to $5.4 billion, compared with the previously announced $5.7 billion. The company sees permanent cost reductions related to the DRIVE program of $1.8 billion in 2024.

ꦏ FedEx also narrowed its guidance for full-year adjusted EPS to $17.25 to $18.25 compared to a prior range of $17 to $18.50, The company forecasts a low-single-digit decline in full-year revenue compared wit🍒h fiscal 2023.

The company's board approved a new $5 billion stock buyback program after repurchasing $1 billion of its own stock in the third quarter, and FedEx said it plans to buy back another $500 million in the fourth quarter.

FedEx shares gained 7.4% Friday to finish the week at♋ $284.32, its highest close since July 2021.✨

UPDATE—March 22, 2024: This article has been updated with closing share price information and a new photo.