FedEx reported its fiscal third-quarter earnings, surpassing Wall Street's profit expectations with an adjusted EPS of $3.86, against estimates of $3.46, and generating revenue of $21.7 billion, slightly below the forecasted $22.05 billion. The company announced a new $5 billion share repurchase program, in addition to the remaining $0.6 billion from the 2021 authorization, and plans for a $500 million buyback in the fourth quarter. This move comes alongside a narrowed full-year earnings forecast, now expecting adjusted EPS to be between $17.25 and $18.25, slightly adjusting from the previous range of $17 to $18.50. Despite missing revenue estimates and narrowing its full-year guidance, FedEx's stock surged in after-hours trading by 12%, attributed to the earnings beat and the announcement of the buyback program.