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FedEx Profit Up, But Misses Expectations

A FedEx truck is seen delivering a package. (credit: Chris Hondros/Getty Images)

A FedEx truck is seen delivering a package. (credit: Chris Hondros/Getty Images)

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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 This material may not be published, broadcast, rewritten or redistributed.)

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