DALLAS (AP) – FedEx says its profit rose 5 percent from a year ago despite storms that raised the company’s costs. But its results were below analysts’ expectations.
The package-delivery giant said Wednesday that net income rose to $378 million, or $1.23 per share, for the quarter that ended Feb. 28. Analysts surveyed by FactSet expected $1.45 per share.
Revenue rose 3 percent to $11.30 billion, below Wall Street’s forecast of $11.43 billion. Ground shipping is doing better, but the express-delivery business is flat.
The company expects earnings for the fiscal year that ends in May to be between $6.55 and $6.80 per share. That’s below analysts’ prediction of $6.89 per share.
FedEx shares fell 2 percent in premarket trading. Its shares had been down 3.6 percent this year after gaining 57 percent last year.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Chris Arnold Stories: I Used To Date Janet Jackson
- VIDEO: Cruise Ship Tossed By Stormy Seas Heads Back To Port
- Super Bowl 50: Adversity Reveals Character
- DCHHS Preparing Lab To Perform Zika Testing Locally
- Texas School District Makes Switch To 4-Day School Week
- Texas City Working To Turn Sewer Water Into Tap Water
- Plano Man Killed After Reentering Burning Home To Retrieve Phone
- Allen ISD’s $60 Million Football Stadium Closed For Months
- Spring One Day, Thundersleet The Next
- North Texas Man “Crowdfunds” $90,000 Birthday Party
- PHOTOS: Your Pet Pictures