After a seemingly endless stretch of dismal earnings reports which hammered the stock of the global logistics giant over the past year, moments ago FedEx finally redeemed itself when it reported fiscal Q3 results that were mediocre, but provided guidance that blew away consensus expectations out of the water.

For Q3 the company reported results which beat on the bottom line but missed on the top and which uniformly dropped from a year ago:

“We’ve continued to move with urgency to improve efficiency, and our cost actions are taking hold, driving an improved outlook,” Chief Executive Officer Raj Subramaniam said in the statement.

Some more details from the quarter:

Although demand has softened, FedEx has been able to maintain robust pricing, especially for ground deliveries, and had announced a general rate increase of 6.9% for this year, the largest such increase in its history.

But what really helped push FedEx stock higher after hours was its boost of its adjusted EPS forecast for the full year; the guidance beat the average analyst estimate.

Behind the boost is the ongoing implementation of the company's cost-cutting plan which is starting to kick in, helping make up for a decline in package volume.

CEO Subramaniam has sought to cut costs and strengthen operations in response to weaker package volume as people return to stores and spend on more services following the pandemic. He previously ordered savings of up to $3.7 billion from its original annual spending plan, including shedding 10% of top management jobs.

While the cuts have been across the board, the brunt of them have fallen to Express, the company’s largest unit. The courier has reduced flights and parked older planes as customers shift more cargo back to ships after supply-chain snags have eased. Volumes have also dropped at the Ground unit and FedEx Freight, the company’s trucking company.

Shares of the company rose as much as 9.5% in post-market trading in New York.

The stock gained 18% this year through Thursday’s close, well ahead of the S&P 500 Index’s increase, and i snow back at its highest since August.