Friday, November 16, 2007

FedEx Stock Drops on Reduced Earnings Expectations

Posted By on Fri, Nov 16, 2007 at 4:00 AM

Upon news that FedEx cut its earning expectations for the year, shares of the company sank almost 5 percent during morning trading [Friday].

The company, citing rising fuel costs, said that earnings per individual shares would be 20 cents lower than previously expected. Analysts had forecast an earning of $1.60 to $1.75 per share for the second quarter ending November 30th. Now FedEx expects to earn $1.45 to $1.55 per share.

Since September, the company's fuel costs have risen more than 8 percent, roughly $85 million. A FedEx spokesman said that the company would be taking steps to reduce expenses and is reviewing its capital investment plans.

Tags: , ,

Comments

Subscribe to this thread:

Add a comment

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
© 1996-2016

Contemporary Media
460 Tennessee Street, 2nd Floor | Memphis, TN 38103
Visit our other sites: Memphis Magazine | Memphis Parent | Inside Memphis Business
Powered by Foundation