FedEx profit beats expectations but shares fall - Reuters
FedEx Corp (FDX.N) said on Wednesday that costs will pinch profits in 2011, sending its shares down despite reporting a quarterly profit that beat analysts' expectations.
The company projected 2011 earnings per share in the range of $4.40 to $5.00, disappointing Wall Street, which had expected $5.05 per share, according to Thomson Reuters I/B/E/S.
"We had a much bigger pension hit than I think most people were anticipating," Chief Financial Officer Alan Graf Jr told analysts on a conference call.
FedEx Corp (FDX.N) said on Wednesday that costs will pinch profits in 2011, sending its shares down despite reporting a quarterly profit that beat analysts' expectations.
The company projected 2011 earnings per share in the range of $4.40 to $5.00, disappointing Wall Street, which had expected $5.05 per share, according to Thomson Reuters I/B/E/S.
"We had a much bigger pension hit than I think most people were anticipating," Chief Financial Officer Alan Graf Jr told analysts on a conference call.
