FedEx 3Q Net Down, Sees Limited Earnings Growth - Smart Money
FedEx Corp. (
FDX) on Thursday warned that financial results in the current fiscal fourth quarter will be hampered by high fuel prices and a weak economy, conditions that are expected to restrain earnings growth into fiscal 2009.
The latest results and bleak outlook send a negative signal about broader economic prospects, as FedEx is considered an international economic bellwether owing to its central role in global supply chains. For FedEx, much like other large U.S.-based multinational companies, weakness in domestic operations is offsetting the benefits of international expansion.
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