FedEx predicts better fiscal 1st-qtr profit due to improved international demand, cost cuts
By APFriday, September 11, 2009
FedEx sees better fiscal 1Q earnings
MEMPHIS, Tenn. — FedEx is raising its first-quarter earnings forecast, citing better-than-expected international shipments and cost-cutting.
The package delivery giant said Friday it expects earnings of 58 cents per share for the first quarter ended Aug. 31. That’s down 53 percent from a year ago, but above the company’s previous prediction of 30 cents to 45 cents per share.
On average, analysts had been looking for a quarterly profit of 44 cents per share.
The Memphis, Tenn.-based company expects to earn 65 to 95 cents per share for the second quarter.
FedEx will release first quarter earnings on Sept. 17.
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