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<blockquote data-quote="moreluck" data-source="post: 56108"><p>FedEx Comes Through the Storm </p><p> </p><p>By Ross Snel </p><p>TheStreet.com Staff Reporter </p><p> </p><p> </p><p> </p><p>FedEx (FDX:NYSE - commentary - research - Cramer's Take) defied gloomy expectations for its latest quarter, solidly beating Wall Street estimates. </p><p> </p><p>The Memphis, Tenn. shipper, whose results are often viewed as a proxy for the broader economy, also raised guidance for its current fiscal year, a move that could reassure investors worried about the impact of Hurricane Katrina and record oil prices. </p><p> </p><p> </p><p> </p><p>FedEx said it earned $339 million, or $1.10 a share, in its first fiscal quarter, which ended Aug. 31. That was up slightly from $330 million, or $1.08 a share, in the year-earlier period. The latest quarter's earnings included a non-cash charge of $79 million related to accounting adjustments for real-estate leases. </p><p> </p><p>Excluding that charge, FedEx reported EPS of $1.25 in the latest quarter, hitting the high end of the company's own guidance and beating the Thomson First Call consensus for $1.17. </p><p> </p><p>In early trading ahead of the regular New York session, the stock jumped $3, or 3.9%, to $80. </p><p> </p><p>Revenue of $7.71 billion was up 10% from $6.98 billion a year ago. The Wall Street consensus was for $7.58 billion. </p><p> </p><p>"Hurricane Katrina had no significant effect on first-quarter results, although the storm inflicted some damage to our facilities in the U.S. Gulf Coast region," said Alan Graf, the company's CFO. "Meanwhile, our operations have resumed in most of the affected areas except for sections of New Orleans." </p><p> </p><p>Frederick Smith, FedEx's CEO, said that in spite of uncertainty related to Hurricane Katrina, which devastated the Gulf Coast of the U.S., the company remains "optimistic" about global trade and expects continued economic expansion in the U.S. and in international markets. </p><p> </p><p>Some investors had been concerned FedEx would lower its outlook, but the shipper boosted its EPS guidance for the fiscal year ending next May 31 to a range of $5.25 to $5.50. On average, analysts are expecting $5.28. For the current quarter, FedEx foresees EPS of $1.30 to $1.45.</p></blockquote><p></p>
[QUOTE="moreluck, post: 56108"] FedEx Comes Through the Storm By Ross Snel TheStreet.com Staff Reporter FedEx (FDX:NYSE - commentary - research - Cramer's Take) defied gloomy expectations for its latest quarter, solidly beating Wall Street estimates. The Memphis, Tenn. shipper, whose results are often viewed as a proxy for the broader economy, also raised guidance for its current fiscal year, a move that could reassure investors worried about the impact of Hurricane Katrina and record oil prices. FedEx said it earned $339 million, or $1.10 a share, in its first fiscal quarter, which ended Aug. 31. That was up slightly from $330 million, or $1.08 a share, in the year-earlier period. The latest quarter's earnings included a non-cash charge of $79 million related to accounting adjustments for real-estate leases. Excluding that charge, FedEx reported EPS of $1.25 in the latest quarter, hitting the high end of the company's own guidance and beating the Thomson First Call consensus for $1.17. In early trading ahead of the regular New York session, the stock jumped $3, or 3.9%, to $80. Revenue of $7.71 billion was up 10% from $6.98 billion a year ago. The Wall Street consensus was for $7.58 billion. "Hurricane Katrina had no significant effect on first-quarter results, although the storm inflicted some damage to our facilities in the U.S. Gulf Coast region," said Alan Graf, the company's CFO. "Meanwhile, our operations have resumed in most of the affected areas except for sections of New Orleans." Frederick Smith, FedEx's CEO, said that in spite of uncertainty related to Hurricane Katrina, which devastated the Gulf Coast of the U.S., the company remains "optimistic" about global trade and expects continued economic expansion in the U.S. and in international markets. Some investors had been concerned FedEx would lower its outlook, but the shipper boosted its EPS guidance for the fiscal year ending next May 31 to a range of $5.25 to $5.50. On average, analysts are expecting $5.28. For the current quarter, FedEx foresees EPS of $1.30 to $1.45. [/QUOTE]
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