FedEx quarterly profit rises, misses expectations |
| Washington Post - Jun 20, 2007 |
Package delivery company FedEx Corp. (FDX.N) on Wednesday reported a profit that missed analysts' forecast and said earnings growth would fall short of expectations due to continued softness in the U.S. economy.
"The weakened industrial sector is currently limiting demand for transportation services," Chief Executive Officer Frederick Smith said in a statement. "But we expect the U.S. economy to begin to show modest year-over-year improvement in the late summer to early fall time frame."
The Memphis, Tn.-based company said net income for its 2007 fiscal fourth quarter ending May 31 rose 7 percent to $610 million, or $1.96 a share, compared with $568 million, or $1.82, a year earlier.
Read Full Article from Washington Post
- Posted: 2007-06-20 10:15:52
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