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FedEx 4th Quarter Profit Rises 19 Percent

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xxrayeyes Member Level  Tuesday, 06/24/03 09:01:47 AM
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FedEx 4th Quarter Profit Rises 19 Percent

Tuesday June 24, 8:31 AM EDT

CHICAGO (Reuters) - FedEx Corp (FDX), the air express specialist, on Tuesday reported a 19 percent jump in quarterly earnings as it made gains in U.S. ground deliveries and international shipments.

The Memphis, Tennessee-based transport group said profits for the fiscal fourth-quarter ended in May rose to $280 million, or 92 cents a share. In the year earlier period, profits totaled $236 million, or 78 cents a share.

Wall Street had forecast the company on average would earn 90 cents a share, according to research firm Thomson First Call. Profit forecasts ranged from 86 cents a share to 95 cents a share.

The results were in were in line with company guidance issued in March, when FedEx executives said they saw earnings for the quarter between 88 cents and 95 cents a share.

Overall revenue at the company best known for overnight deliveries rose 8 percent to $5.83 billion from $5.42 billion a year earlier.

FedEx said it sees fiscal first-quarter earnings in a range of 52 cents to 60 cents per diluted share, although it remains concerned about the economy and said June volume trends at Ground and Freight are tracking slightly below management's expectations.

Earnings for the year are expected to be $3.00 to $3.15 per diluted share, as previously forecast, it said. Both earnings ranges exclude the net impact from the company's early retirement and severance programs.

FedEx shares closed on Monday at $61.99 on the New York Stock Exchange.

©2003 Reuters Limited.

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