Transportation Industry
FedEx Cuts Earnings Forecast, Cites Fuel Costs, Weak Demand
Transport Topics, November, 2007 by Kiel, Frederick
FedEx Corp. lowered its earnings forecast for its fiscal second quarter and the full year, citing rising fuel costs and weak less-thantruckload demand.
For the quarter ending Nov. 30, FedEx said its per-share earnings would range from $1.45 to $1.55, compared with an earlier forecast of $1.60 to $1.75.
For the full year, FedEx said its earnings will be $6.40 to $6.70, lower than its previous projection of $6.70 to $7.10.
"Since we provided earnings guidance tor the second quarter in September, our fuel costs have increased more than 8% - or $85 million," Alan Graf Jr., FedEx's chief financial officer, said in a statement.
"While we have dynamic fuel surcharges in place, they cannot keep pace in the short-term with rapidly rising fuel prices," Graf...
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