FedEx cuts estimate for June-to-August quarter - 13 WTHR Indianapolis

FedEx cuts estimate for June-to-August quarter

Posted: Updated:
NEW YORK -

FedEx is cutting its earnings expectations, blaming the weak global economy.

FedEx Corp. said Tuesday it expects to earn between $1.37 and $1.43 per share in the quarter that ended Aug. 31. That's down from an original forecast of $1.45 to $1.60 per share.

Analysts were expecting $1.56 per share, according to FactSet.

The shortfall is primarily in the package-delivery company's express division. The speedy shipping division, which moves 3.5 million packages on an average day, has been hit hard as customers shift to slower delivery methods to conserve cash as the economy has slowed.

FedEx reports fiscal first-quarter results on Sept. 18. Shares fell 3 percent in after-hours trading.

(Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Powered by WorldNow
Links to the FCC website to view WTHR and/or WALV’s on-line public inspection files:
WTHR: https://stations.fcc.gov/station-profile/WTHR   ||   WALV: https://stations.fcc.gov/station-profile/WALV
Individuals with disabilities may contact Jill Pursell at publicfile@wthr.com, or 317.655.5602, for assistance with access to the public inspection files.
Powered by WorldNowAll content © Copyright 2000 - 2013 WorldNow and WTHR. For more information on this site, please read our Privacy Policy and Terms of Service.