Posted on March - 29 - 2010
FedEx third-quarter profits exceed analysts’ expectations
Search our databases
FedEx said a strengthening global economy and continued benefits of cost-cutting moves helped produce a $239 million profit in the third quarter.
Earnings were 76 cents a diluted share, up 145 percent over a year earlier, and slightly exceeded analysts’ expectations of 72 cents a share as recorded by Thomson One.
The rebound was led by daily package volume growth of 18 percent in FedEx International Priority, heavy on Asian exports, and 5 percent at FedEx Ground, mainly in the business-to-business shipping market.
The news would have been better without higher fuel costs, up 27 percent, and a $107 million operating loss at FedEx Freight. Officials said results also reflected additional costs of partial reinstatement of employee compensation programs slashed over the last couple years.
Similar Posts:
- FedEx’s ‘prudent’ earnings projections make some Wall Street analysts uneasy
- FedEx measures up on its social, environmental goals
- Preformed Line Products Co. reports lower first-quarter profits despite higher sales
- FedEx now ships overseas sans paperwork
- Associated Estates Realty Corp. reports larger first-quarter loss
