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FedEx predicts slower earnings growth this year
Posted: Jun 19, 2012 5:10 AM by Associated Press
NEW YORK (AP) - FedEx says higher costs and slow global growth will crimp its earnings results over the next 12 months.
The world's second-largest package delivery company is reporting lower results for the fiscal fourth quarter ended in May due to a charge for retiring some planes.
FedEx earned $550 million or $1.73 per share in the last quarter, compared with $558 million, or $1.75 per share, a year earlier. Revenue rose to $11 billion from $10.55 billion.
Without the charge, FedEx would have earned $1.99 per share, 4 cents better than Wall Street estimates.
But the Memphis, Tenn. company's forecast for the first quarter and fiscal year fell below Wall Street's expectations and its stock fell about 2 percent on Tuesday before the opening bell.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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