Drivers

FedEx Earnings Down 30 Percent From Last Year

December 08, 2009

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FedEx Corporation expects to post earnings of $1.10 per share for the second quarter ended Nov. 30, a 30 percent drop from $1.58 per share a year ago.
The company expected to earn between 65 and 95 cents a share for the quarter.

"FedEx will exceed previous earnings guidance in the second quarter primarily due to better-than-expected growth in FedEx International Priority and FedEx Ground volumes, coupled with the benefits of our continuing cost control programs," said Alan Graf, Jr., executive vice president and chief financial officer. "Year-over-year growth in our U.S. overnight express and FedEx International Priority services increased each month during the quarter, aided by inventory restocking and our successful sales efforts. Demand for our international services has improved significantly since the first quarter, particularly in Asia and Latin America."

The company will release its full second quarter report on Dec. 17, 2009.

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