FedEx: Fiscal 2Q Earnings Snapshot
MEMPHIS, Tenn. (AP) _ FedEx Corp. (FDX) on Tuesday reported fiscal second-quarter profit of $560 million.
On a per-share basis, the Memphis, Tennessee-based company said it had net income of $2.13. Earnings, adjusted for non-recurring costs and asset impairment costs, came to $2.51 per share.
The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.79 per share.
The package delivery company posted revenue of $17.32 billion in the period, which also did not meet Street forecasts. Eight analysts surveyed by Zacks expected $17.57 billion.
FedEx expects full-year earnings in the range of $10.25 to $11.50 per share.
FedEx shares have increased 1% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 27%. In the final minutes of trading on Tuesday, shares hit $163.10, a decline of 10% in the last 12 months.