logo
Share SHARE
FONT-SIZE Plus   Neg

FedEx Q3 Profit Rises; Updates 2012 EPS View - Quick Facts

FedEx Corp. (FDX) posted third-quarter net income of $521 million or $1.65 per share, up from $231 million or $0.73 per share a year ago.

Earnings for the recent quarter includes a $0.10 per share reversal of a reserve associated with a legal matter at FedEx Express. Last year's third quarter earnings included $0.08 per share in costs related to the combination of the company's FedEx Freight and FedEx National LTL operations.

Adjusted earnings per share were $1.55 versus $0.81 in the same quarter last year. On average, 23 analysts polled by Thomson Reuters expected the company to report earnings of $1.35 per share. Analysts' estimates typically exclude special items.

Revenue reached $10.56 billion, up 9% from $9.66 billion in the previous year Analysts estimated revenues of $10.62 billion.

"FedEx Corp. results were driven by improving yields, record holiday package shipping and exceptional performance at FedEx Ground," said Frederick Smith, FedEx Corp. chairman, president and chief executive officer. "We expect our solid performance to continue in our fourth quarter, capping off a strong fiscal year."

Looking ahead, FedEx projects earnings to be $1.75 to $2.00 per share in the fourth quarter. Analysts expect the company to earn $1.98 per share for the quarter.

The company now expects an adjusted earnings of $6.35 to $6.60 per share for fiscal 2012. This guidance assumes the current market outlook for fuel prices and moderate growth in the global economy. Including the FedEx Express legal reserve reversal, earnings are now expected to be $6.43 to $6.68 per share for fiscal 2012.

Earlier, the company expected earnings of $6.25 to $6.75 per share for fiscal 2012. Analysts expect the company to earn $6.36 per share, on revenues of $42.94 billion.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Xiaomi Corp., nicknamed the "Apple of China" is planning to launch laptops, a report by Bloomberg said. The Chinese brand has been pausing a direct challenge to major smart phone brands in Asian markets in the recent years. It has planned to win over China, India and Brazil markets those together would account for one third of the worldwide sales. Value-priced fashion apparel and accessories retailer Cato Corp. (CATO) Thursday announced a four percent increase in comparable store sales for August. Sales were for the four week period was up five percent to $67 percent from $63.6 million last year. For the thirty weeks ended August 29, the... Simple, uncluttered, colorful and friendly. That's how Google describes its new logo. The new typeface is sans-serif and without any shadow or embossing, unlike its earlier logos. It has given blue, red, yellow and green to its letters. The "e" is slightly tilted and stylized. On its browser tabs, it has replaced the lower case blue colored "g" with an upper case "G" in four colors.
comments powered by Disqus
RELATED NEWS
Trade FDX now with 
Follow RTT