FedEx Raises Its Earnings Outlook - - Tulsa, OK - News, Weather, Video and Sports - |

FedEx Raises Its Earnings Outlook

MEMPHIS, Tenn. (AP) _ FedEx Corp. raised its earnings outlook Monday, citing more business for its international, ground delivery and less-than truckload services.

The Memphis-based package delivery company said it expects per share earnings of $1 to $1.10 for the quarter ending Aug. 31, compared with previous estimates of 90 cent to $1, and $4.40 to $4.60 for the year, compared with $4.20 to $4.40.

Analysts surveyed by Thomson First Call had been expecting first quarter earnings of 95 cents per share and annual profits of $4.47.

``Customers are increasingly looking to FedEx to manage a broader range of their transportation and supply chain needs,'' said chief financial officer Alan B. Graf Jr. ``We have strong momentum in our businesses and believe the economy continues on a sustainable expansion path.''

The company acknowledged that prolonged high fuel costs could affect the worldwide economy, but it expects to continue to see strong demand. As a result, FedEx will increase capital investments in its international express, ground and freight networks to between $2 billion and $2.1 billion in the year ending in May 2005.

FedEx previously raised its outlook for the quarter and year in June, when it projected capital expenditures of about $1.6 billion.

The company will release its first quarter earnings report Sept. 22.

FedEx, with annual revenues of $25 billion, provides package delivery, e-commerce and business services. It completed its acquisition of Kinkos, a copy shop chain, in February and announced earlier this month that it is buying Parcel Direct, a shipping consolidator for catalogue and Internet retailers.
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103 is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2018 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.