FedEx (NYSE:FDX) shares gained more than 3% yesterday following the company’s reported Q2 results, with EPS of $3.18 coming in better than the Street estimate of $2.81. Revenue was $22.8 billion, missing the Street estimate of $23.71 billion.

Express segment revenue/adjusted operating income declined 6%/65% year-over-year, mainly on global volume declines. Ground segment revenue/adjusted operating income increased 2%/24% year-over-year, primarily via yield improvement/higher fuel surcharges. Freight revenue/adjusted operating income increased 8%/32% year-over-year, with yield improvement/higher fuel surcharges as the main drivers.

The company provided its fiscal 2023-year outlook, expecting EPS in the range of $13.00-$14.00, compared to the Street estimate of $14.08.