FedEx Corporation (FDX) Cuts Outlook, Stock Plummets
FedEx Corp. cut its earnings expectations for the fiscal second quarter and full year amid soaring fuel costs and a troubled U.S. freight market.
The Memphis-based shipping company's shares sank more than 4 percent in morning trading.
For the second quarter ending Nov. 30, the company expects to earn $1.45 to $1.55 per share, compared with a previous forecast of $1.60 to $1.75 per share. For the fiscal year ending in May, the company forecast earnings of $6.40 to $6.70 per share, down from a prior range of $6.70 to $7.10 per share.
Analysts polled by Thomson Financial had expected the company to earn $1.71 per share for the quarter and $6.87 per share for the year.
The Memphis-based shipping company's shares sank more than 4 percent in morning trading.
For the second quarter ending Nov. 30, the company expects to earn $1.45 to $1.55 per share, compared with a previous forecast of $1.60 to $1.75 per share. For the fiscal year ending in May, the company forecast earnings of $6.40 to $6.70 per share, down from a prior range of $6.70 to $7.10 per share.
Analysts polled by Thomson Financial had expected the company to earn $1.71 per share for the quarter and $6.87 per share for the year.
Labels: FDX, FedEx Corporation
posted by Stock Administrator @ 3:23 PM
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