Global shipping company FedEx on Wednesday reported quarterly results that missed Wall Street estimates as revenue declined at its biggest unit, Express Delivery.
FedEx earned $500 million, or $1.57 a share, in the second quarter ended Nov. 30, versus $438 million, or $1.39, in the same quarter last year. Analysts, on average, expected earnings of $1.64 as per Thomson Reuters I/B/E/S.
FedEx, seen as a bellwether because its results reflect economic activity, forecast a strong holiday season and full-year 2013. It sees full-year earnings per share growth between 8 percent and 14 percent above last year. Previously its outlook was for growth between 7 percent and 13 percent.
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