FedEx Says 1Q Profit Will Exceed Forecast
FedEx Corp. said that its first-quarter profit will be 58 cents per share, higher than the guidance it had previously announced, Bloomberg reported.
The Memphis, Tenn., parcel carrier had previously estimated that its profit for the quarter ended Aug. 31 would be between 30 cents and 45 cents a share.
FedEx will release its full earnings report for the quarter Sept. 17.
The first-quarter profit will still be 53% below what FedEx earned in the first quarter of 2008, the company said in a statement Friday.
FedEx Chief Financial Officer Alan Graf said the new number reflects better-than-expected international volume and cost-cutting measures.
FedEx Corp. is ranked No. 2 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
