Subject:  FedEx earnings flat as revenue rises |
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CDronnie
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Date Posted: 18:15:26 12/18/02 Wed
FedEx earnings flat as revenue rises
Full-year EPS said on track provided economy recovers
By August Cole, CBS.MarketWatch.com
Last Update: 4:19 PM ET Dec. 18, 2002
MEMPHIS, Tenn. (CBS.MW) -- FedEx reported no year-over-year increase in second-quarter earnings on Wednesday as the express shipper counts on a broader range of services to bring it through a slowing global economy.
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Shares of FedEx closed down 69 cents, or 1.3 percent, to $52.91.
Quarterly earnings came in at $245 million, or 81 cents a share -- flat with last year's levels. Analysts, however, had expected a per-share profit off 79 cents for the latest quarter, according to Thomson First Call.
"Our ground and freight operations are showing strong revenue and profit momentum, while express continues to achieve solid growth in its international operations and excellent results from its U.S. Postal Service transportation agreement," said CFO Alan Graf in a statement.
Revenue totaled $5.67 billion for the three months ended Nov. 30, a 10 percent improvement from last year's $5.14 billion. The bulk of the revenue came from the express operations, about $4.1 billion, but ground and freight shipping also improved.
FedEx (FDX: news, chart, profile) said it expects profit in the current quarter to fall within a range of 45 cents to 55 cents. Analysts have been forecasting, on average, a 55-cent profit.
Looking to the full fiscal year, the Memphis-based company says it will hit its profit target of $2.77 a share if the economy recovers in the second half. But capital expenditures will also be pared back by $200 million, to a revised $1.7 billion.
August Cole is spot news editor at CBS.MarketWatch.com in Chicago
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