FedEx forecast disappoints; shares fall - Reuters
FedEx Corp (FDX) forecast profit for the current quarter below analysts' expectations, casting doubt on the sustainability of its holiday volume surge and sending the package delivery giant's shares down more than 5 percent.
The company, an economic bellwether, said it shipped 14.1 million packages on Monday, its busiest day of the year, which was a million more than it had forecast.
But its results will be hurt by post-holiday seasonal slowness in January and February, Chief Financial Officer Alan Graf Jr said during a conference call with analysts. FedEx sees continued recovery in the economy, but characterized it as "modest."
FedEx Corp (FDX) forecast profit for the current quarter below analysts' expectations, casting doubt on the sustainability of its holiday volume surge and sending the package delivery giant's shares down more than 5 percent.
The company, an economic bellwether, said it shipped 14.1 million packages on Monday, its busiest day of the year, which was a million more than it had forecast.
But its results will be hurt by post-holiday seasonal slowness in January and February, Chief Financial Officer Alan Graf Jr said during a conference call with analysts. FedEx sees continued recovery in the economy, but characterized it as "modest."
