FedEx says economy is worsening, cuts outlook
NEW YORK (AP) - FedEx says the global economy is worsening and it's again cutting its forecast for the fiscal year ending in May.
The package delivery company also expects net income for the current quarter ending in November to fall well below last year's quarter. The stock lost about 2 percent.
For the full year, the Memphis, Tenn. company now expects to earn between $6.20 and $6.60 per share, compared with a previous forecast of $6.90 to $7.40 per share.
For the current quarter, FedEx sees earnings of $1.30 to $1.45 per share, compared with $1.57 per share last year. Both predictions are well under analysts' forecasts.
In the three months that ended in August, FedEx Corp. reported earnings of $1.45 per share. That hit the top end of its recently lowered estimate.
The package delivery company also expects net income for the current quarter ending in November to fall well below last year's quarter. The stock lost about 2 percent.
For the full year, the Memphis, Tenn. company now expects to earn between $6.20 and $6.60 per share, compared with a previous forecast of $6.90 to $7.40 per share.
For the current quarter, FedEx sees earnings of $1.30 to $1.45 per share, compared with $1.57 per share last year. Both predictions are well under analysts' forecasts.
In the three months that ended in August, FedEx Corp. reported earnings of $1.45 per share. That hit the top end of its recently lowered estimate.
Whatever. Good for Postal Service and UPS and UDL and the rest. They'll be willing to hire if FedEx crumbles, and too big to fail must be reclassified nationally as bs. Government out of business. It can't afford to play trillionaire games.
Damned unions are destroying this country and are hindering those corporations that run this country....oh wait, never mind.
& the price of jet fuel for the oldest jets in your fleet isn't helping the bottom line either!
the global slowdown continues, & the fuel increases continue.....equals lower forecast earnings
FedEx
      Express...
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FedEx is short for Federal Express, circa the 1980s. So I guess FedEx Express really is Federal Express Express.