Falconjet
Well-known member
- Joined
- Mar 28, 2002
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Hopefully the solid increase in international volume and the modest growth in domestic will encourage the company to continue to buy those MD-11s and start interviewing again soon. This was off the news page on the FedEx website.
FedEx Corp. recorded net income for its fiscal second quarter that was equal to the year-earlier period, which included a small gain.
The Memphis, Tenn., delivery company Wednesday posted net income of $245 million, or 81 cents a share, flat with the previous year's second quarter.
Revenue climbed 10% to $5.67 billion from $5.14 billion.
The fiscal 2001 second quarter's bottom line included a benefit of $17 million, or three cents a share, from the favorable settlement of a state sales tax matter. Excluding this item, profit in the latest period was up 7.5%.
The latest results exceeded estimates of analysts surveyed by Thomson First Call for earnings of 79 cents a share and revenue of $5.58 billion.
Total average daily package volume at FedEx Express -- the company's air- shipping business -- and the company's ground delivery business grew a combined 13% from a year earlier. FedEx Ground maintained strong growth momentum, with volume up 25%. FedEx Express package volume grew 5%.
The company said profit momentum in its ground and freight businesses remained strong. The Express operation's international business is performing well, and FedEx said its venture with the U.S. Postal Service is bearing fruit.
Citing continued weakness in the manufacturing and wholesale sectors of the U.S. economy, FedEx said it expects to earn 45 cents to 55 cents in the third quarter, compared with 39 cents a share a year earlier. Analysts surveyed by First Call are looking for third-quarter profit of around 54 cents a share.
The company said it believes it can achieve its target of $2.77 a share for fiscal 2003, provided it sees a modest economic recovery in the fiscal second half of the year.
Wall Street's current forecast is for fiscal 2003 earnings of $2.74 a share.
FedEx anticipates reducing capital spending in 2003 by $200 million from it previous forecast, to $1.7 billion.
In November, the company announced a 3.5% average price increase on FedEx Express U.S. and U.S. export shipment services, and a 3.9% average price increase on FedEx Ground services, effective January 6, 2003.
In the fiscal second quarter, FedEx International Priority volume grew 13%, led by exports from Asia where volume increased 27% from a year earlier. Volume in the business grew 2% for the quarter.
U.S. domestic express package volume growth rate declined less than 1%, similar to the first quarter, excluding the impact of the Sept. 11, 2001 attacks. U.S. domestic express package yield improved slightly.
Sue Goff
Dow Jones Newswires
December 18, 2002
FedEx Corp. recorded net income for its fiscal second quarter that was equal to the year-earlier period, which included a small gain.
The Memphis, Tenn., delivery company Wednesday posted net income of $245 million, or 81 cents a share, flat with the previous year's second quarter.
Revenue climbed 10% to $5.67 billion from $5.14 billion.
The fiscal 2001 second quarter's bottom line included a benefit of $17 million, or three cents a share, from the favorable settlement of a state sales tax matter. Excluding this item, profit in the latest period was up 7.5%.
The latest results exceeded estimates of analysts surveyed by Thomson First Call for earnings of 79 cents a share and revenue of $5.58 billion.
Total average daily package volume at FedEx Express -- the company's air- shipping business -- and the company's ground delivery business grew a combined 13% from a year earlier. FedEx Ground maintained strong growth momentum, with volume up 25%. FedEx Express package volume grew 5%.
The company said profit momentum in its ground and freight businesses remained strong. The Express operation's international business is performing well, and FedEx said its venture with the U.S. Postal Service is bearing fruit.
Citing continued weakness in the manufacturing and wholesale sectors of the U.S. economy, FedEx said it expects to earn 45 cents to 55 cents in the third quarter, compared with 39 cents a share a year earlier. Analysts surveyed by First Call are looking for third-quarter profit of around 54 cents a share.
The company said it believes it can achieve its target of $2.77 a share for fiscal 2003, provided it sees a modest economic recovery in the fiscal second half of the year.
Wall Street's current forecast is for fiscal 2003 earnings of $2.74 a share.
FedEx anticipates reducing capital spending in 2003 by $200 million from it previous forecast, to $1.7 billion.
In November, the company announced a 3.5% average price increase on FedEx Express U.S. and U.S. export shipment services, and a 3.9% average price increase on FedEx Ground services, effective January 6, 2003.
In the fiscal second quarter, FedEx International Priority volume grew 13%, led by exports from Asia where volume increased 27% from a year earlier. Volume in the business grew 2% for the quarter.
U.S. domestic express package volume growth rate declined less than 1%, similar to the first quarter, excluding the impact of the Sept. 11, 2001 attacks. U.S. domestic express package yield improved slightly.
Sue Goff
Dow Jones Newswires
December 18, 2002
