FedEx expects higher profits in fiscal 2023

FedEx Corp (FDX.N) reported higher quarterly earnings and issued a stronger-than-expected full-year forecast on Thursday

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Despite handling fewer packages in its Ground unit that makes the bulk of its e-commerce home deliveries and drives the company's growth.

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Shares in the company, which are down roughly 20% from a year ago, rose 2.8% to $234.40 in extended trading

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After it also said margins in its closely-watched Ground unit accelerated from the prior quarter.

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Investors are pressuring new Chief Executive Raj Subramaniam to improve service and squeeze more profits from the company's sprawling

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Subramaniam succeeded founder Fred Smith at the helm of the 50-year-old firm on June 1.

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Memphis, Tennessee-based FedEx said adjusted net income for the fiscal fourth quarter ended May 31 jumped 32% to $1.8 billion, or $6.87 per share

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Revenue grew 8% $24.4 billion, boosted in part by fuel surcharges.

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Ground's margins improved to 10% from 7.3% in the third quarter but remained below the year-earlier result of 13.6%.

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Last week, FedEx expanded its board under a cooperation agreement with activist investor D.E. Shaw Group

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