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FedEx 2Q profit falls, but boosts view for year (AP)

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(AP)
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NEW YORK – FedEx Corp. said Thursday its fiscal second-quarter earnings tumbled on higher costs and one-time charges, but it’s raising its earnings prediction for the full-year on a better economic forecast and a brightened view for the holidays.

The world’s second-largest package delivery company said while shipments improved in all of its units, growth moderated in its international priority unit, which had been booming. That segment includes exports of high-value items like computer parts and iPods.

FedEx now expects to earn $5 to $5.30 a share for the fiscal year ending in May. It previously expected $4.80 to $5.25. That new prediction is still mostly under Wall Street’s expectations, who on average currently predict a profit of $5.21 per share.

Shares fell 2 percent in pre-market trading.

The Memphis, Tenn., company said its net income rose to $283 million, or 89 cents per share, in the September-November period. That’s down 18 percent from $345 million, or $1.10 per share a year ago.

It earned $1.16 per share excluding one-time costs such as the integration of its trucking operations and higher maintenance expenses.

Revenue rose 12 percent to $9.63 billion.

Analysts polled by Thomson Reuters, who tend to leave out one-time items from their estimates, expected a profit of $1.31 per share on revenue of $9.7 billion.

For the third-quarter, which includes the key holiday shipping season, FedEx expects earnings of 95 cents to $1.15 per share. Analysts expect $1.10 per share. FedEx earned 76 cents per share in the December-February period last year.

It, FedEx 2Q profit falls, but boosts view for year
(AP)
citation from US Economy

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