FedEx 1Q Profit Fell 53%; US Volume Edges Higher

FedEx Corp. (FDX) said business activity is picking up and forecast U.S. economic growth for 2010 and the remainder of 2009, even as it posted a 53% drop in quarterly profit and warned near-term earnings will continue to substantially lag prior-year levels.

But the results for the just-ended quarter - which the package-delivery giant preannounced last week - were well ahead of its initial dour forecast in June.

Chief Executive Frederick W. Smith said Thursday that overall economic conditions clearly have stabilized since then, adding that FedEx is seeing a number of "encouraging signs" that the broad downturn has ended. Among other things, he cited recently improving volume trends in its freight and ground divisions.

Read Full Article from Wall Street Journal

- Posted: 2009-09-17 11:28:40

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