Tags: fedex | profit | forecast | economy

FedEx Slashes Forecast, Citing Weak Global Economy

Tuesday, 04 September 2012 06:18 PM

FedEx Corp, the world's second-largest package delivery company, cut its forecast for its just-ended quarter, citing weakness in a key high-margin unit that ships internationally.

The new forecast pushed FedEx shares down 3.9 percent in after-hours trading Tuesday.

Revenue at the FedEx Express business, the company's largest and the one that transports parcels internationally, has been affected by "weakness in the global economy," the company said in a statement.

For its first fiscal quarter ended Aug. 31, Memphis, Tennessee-based FedEx expects to earn $1.37 to $1.43 per share. The company previously expected earnings of $1.45 to $1.60 per share for the period.

Analysts expect earnings of $1.56 per share, according to Thomson Reuters I/B/E/S.

FedEx is set to post quarterly results on Sept. 18.

© 2018 Thomson/Reuters. All rights reserved.

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Tuesday, 04 September 2012 06:18 PM
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