Wednesday, September 19, 2012
FedEx reports unexpected first quarter net boost
On Tuesday FedEx reported first quarter earnings of $1.45 per share compared to $1.46 per share one year ago. The figure was higher than the company expected, since on Sept. 5 FedEx had projected profits to be in the $1.37 to $1.43 per share range.
Even though FedEx's ground and freight divisions enjoyed higher operating margins than last year, ECEO and chairman Fred Smith said the company would take "further actions to reduce costs and adjust our networks to match current and anticipated shipment volumes."
FedEx projects an earnings-per-share range of $1.30 to $1.45 in the quarter two and $6.20 to $6.60 for fiscal 2013.
The company also announced FedEx Express would increase shipping rates in 2013 by an average of 3.9 percent for U.S. domestic, export and import services.
For more of the Memphis Business Journal story: bizjournals.com
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