FedEx net up, but outlook cut due to U.S. economy |
| Reuters.uk - Sep 20, 2007 |
FedEx Corp on Thursday reported higher quarterly profit despite a slowing U.S. economy, but lowered its full-year earnings outlook, sending its shares down nearly 2 percent.
The package delivery company said net income rose to $494 million, or $1.58 a share, in the first quarter ended on Aug. 31, from $475 million, or $1.53 a share, a year earlier.
Wall Street analysts on average had expected earnings of $1.54 per share, according to Reuters Estimates.
"FedEx did a little better than we expected, but they have hit a bit of a soft spot and guided down," said Al Meyers, a portfolio manager and principal at Grand Rapids, Michigan-based AMBS Investment Council, a long-term holder of FedEx stock.
Read Full Article from Reuters.uk
- Posted: 2007-09-20 09:58:59
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