ALSO IN EARNINGS
- Citigroup Lost $20 Million on Facebook IPO Trades
- JPMorgan to Shake Up Risk Team After Big Loss: Report
- EU Finalizes Bank Reforms; Shifts Burden to Bondholders
- Spain to Inject Emergency 19 Billion Euros into Bankia
- EU Set to Launch Action Against China Over Telecom Aid
- JPMorgan to Shake Up Risk Team After Big Loss: Report
- Marc Faber: Chance of Global Recession Is Now 100%
- Cool Jobs: From Gold Stacker to Bed Tester
- 'Flash Sale' Sites: Gimmick, or Online Shopping Future?
MOST SHARED
- Spain to Inject 19 Billion Euros into Bankia
- Fresh Fears as EU Finalises Reform Plans
- Zero China Growth Is ‘Probable’: Gordon Chang
- Beijing Faces Brussels Action on Telecoms Aid
- Marc Faber: 100% Chance of Global Recession
- Citigroup Lost $20 Million on Facebook IPO Trades
- China Growth Risks Signal Need for Fiscal Action
- Greek Exit Could Trigger 50% Fall in Euro Stocks: Analyst
- Senate Summons Dimon to 'Get to the Bottom' of JPM Mess
- Why Are Greek and Italian Politicians So Bad?
MOST POPULAR
HOT ON FACEBOOK
FedEx Beats Expectations, But Lowers Outlook
Text Size 
Package delivery company FedEx on Thursday reported a higher-than-expected third-quarter net profit but forecast fourth-quarter results below estimates, citing soaring fuel prices and slowing U.S. economic growth.
 |
"Our fourth-quarter earnings outlook has been impacted by higher-than-anticipated fuel prices and a weak U.S. economy," Chief Financial Officer Alan Graf said in a statement.
"Looking ahead to our fiscal 2009, we are expecting a continuation of fourth-quarter trends, which would result in limited earnings growth next year."
"We are scrutinizing all expenses and investments to realign them with the current environment," he added.
The Memphis-based company reported net income for its quarter ending Feb 29 of $393 million, or $1.26 a share, down almost 7 percent from $420 million, or $1.35, a share a year earlier.
Wall Street analysts had on average expected earnings per share for the quarter of $1.23, according to Reuters Estimates.
Revenue in the quarter rose 10 percent to $9.44 billion from $8.59 billion a year earlier. Analysts had expected revenue of $9.15 billion.
FedEx [FDX
Loading...
()
] said it expects fourth-quarter earnings per share of $1.60 to $1.80, well below the $1.98 predicted by analysts.
In light trading on the New York Stock Exchange, FedEx shares were down $2.12, or more than 2 percent, at $84.11, from Wednesday's official closing price of $86.23.
Like main rival United Parcel Service, FedEx is considered a bellwether of U.S. economic health.
- The Nasdaq has suffered the most from the EU crisis showing there's risk in the usual tech stocks.
- Targeting more Millennials is just one of the items brewing for consumers in the world of spirits.
- It seems many people may need a reminder of how NOT to act on a plane. Here are a few tips.
- Here are some very unusual roadside stops along American highways that might peek your interest.
- How three generations of Americans are dealing with the finances of retirement.
Data is a real-time snapshot *Data is delayed at least 15 minutes
