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<blockquote data-quote="moreluck" data-source="post: 244400" data-attributes="member: 1246"><p>FedEx profit up, but outlook cut</p><p>Thursday September 20, 8:39 am ET </p><p> </p><p></p><p>CHICAGO (Reuters) - Package delivery company FedEx Corp (NYSE:<a href="http://finance.yahoo.com/q?s=fdx" target="_blank"><u><span style="color: #0000ff">FDX</span></u></a> - <a href="http://finance.yahoo.com/q/h?s=fdx" target="_blank"><u><span style="color: #0000ff">News</span></u></a>) on Thursday said quarterly profit rose despite a slowing U.S. economy, but lowered its full-year earnings outlook, sending its shares down more than 2 percent. </p><p>The company reported net income of $494 million, or $1.58 a share, for the first quarter ended on August 31, up from $475 million, or $1.53 a share, a year earlier. </p><p>Sales rose 8 percent to $9.2 billion. </p><p>Wall Street analysts had on average expected earnings of $1.54 per share on sales of $9.08 billion. </p><p>"Outside of the United States, the economy is generally solid," FedEx CEO Fred S said in a statement. </p><p>The Memphis, Tennessee-based company said it expected full-year earnings per share of $6.70 to $7.10, down from its outlook of $7 to $7.40 given in June. </p><p>Analysts had forecast full-year earnings per share of </p><p>$7.19. </p><p>"As a result of this weaker than anticipated economic environment, particularly its impact on the less-than-truckload freight market, we have reduced our earnings forecast by 4 percent for the full year," Chief Financial Officer Alan Graf said in a statement. </p><p>Less-than-truckload companies consolidate smaller loads into a single truck. The U.S. trucking market has seen weak freight volumes over the past year and faces a tough pricing environment as companies compete for business. </p><p>Like its main rival, Atlanta-based United Parcel Service Inc. (NYSE:<a href="http://finance.yahoo.com/q?s=ups" target="_blank"><u><span style="color: #0000ff">UPS</span></u></a> - <a href="http://finance.yahoo.com/q/h?s=ups" target="_blank"><u><span style="color: #0000ff">News</span></u></a>), FedEx is seen as a bellwether of U.S. economic activity. </p><p>FedEx said it expected second-quarter earnings per share of $1.60 to $1.75. Analysts had forecast $1.95. </p><p>In premarket trading, FedEx shares were down 2.3 percent to $104.99.</p></blockquote><p></p>
[QUOTE="moreluck, post: 244400, member: 1246"] FedEx profit up, but outlook cut Thursday September 20, 8:39 am ET CHICAGO (Reuters) - Package delivery company FedEx Corp (NYSE:[URL="http://finance.yahoo.com/q?s=fdx"][U][COLOR=#0000ff]FDX[/COLOR][/U][/URL] - [URL="http://finance.yahoo.com/q/h?s=fdx"][U][COLOR=#0000ff]News[/COLOR][/U][/URL]) on Thursday said quarterly profit rose despite a slowing U.S. economy, but lowered its full-year earnings outlook, sending its shares down more than 2 percent. The company reported net income of $494 million, or $1.58 a share, for the first quarter ended on August 31, up from $475 million, or $1.53 a share, a year earlier. Sales rose 8 percent to $9.2 billion. Wall Street analysts had on average expected earnings of $1.54 per share on sales of $9.08 billion. "Outside of the United States, the economy is generally solid," FedEx CEO Fred S said in a statement. The Memphis, Tennessee-based company said it expected full-year earnings per share of $6.70 to $7.10, down from its outlook of $7 to $7.40 given in June. Analysts had forecast full-year earnings per share of $7.19. "As a result of this weaker than anticipated economic environment, particularly its impact on the less-than-truckload freight market, we have reduced our earnings forecast by 4 percent for the full year," Chief Financial Officer Alan Graf said in a statement. Less-than-truckload companies consolidate smaller loads into a single truck. The U.S. trucking market has seen weak freight volumes over the past year and faces a tough pricing environment as companies compete for business. Like its main rival, Atlanta-based United Parcel Service Inc. (NYSE:[URL="http://finance.yahoo.com/q?s=ups"][U][COLOR=#0000ff]UPS[/COLOR][/U][/URL] - [URL="http://finance.yahoo.com/q/h?s=ups"][U][COLOR=#0000ff]News[/COLOR][/U][/URL]), FedEx is seen as a bellwether of U.S. economic activity. FedEx said it expected second-quarter earnings per share of $1.60 to $1.75. Analysts had forecast $1.95. In premarket trading, FedEx shares were down 2.3 percent to $104.99. [/QUOTE]
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