Business Services Industry
Package-Delivery Giant FedEx Exceeds Wall Street's Earnings Forecasts.
Knight Ridder/Tribune Business News, September, 2003
By Jane Roberts, The Commercial Appeal, Memphis, Tenn. Knight Ridder/Tribune Business News
Sep. 18--With strong first-quarter numbers, FedEx Corp. gave investors hope Wednesday that the slump addling the nation since 2001 is finally dissipating.
Excluding a charge for previously announced early retirement and severance programs, the overnight package delivery giant posted gains of $332 million, or 61 cents per diluted share, handily beating Wall Street's 57-cent projection. FedEx earned $283 million, or 52 cents a share, in the same period last year.
The figures do not include a $132 million, or 27 cents a share, pretax charge to realign the FedEx Express unit's workforce through its first-ever voluntary severance and retirement...
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