FedEx 2015 Profit Forecast Tops Estimates on Growth
Bloomberg News
forecast an annual profit range whose midpoint exceeded analysts' estimates as it reaps the benefits of a three-year profit improvement plan and expects growth to continue.
Earnings for the current fiscal year ending in May will be $8.50 to $9 a share, FedEx said today. That compares with the of $8.73 a share among 27 analysts surveyed by Bloomberg.
The projection for the new fiscal year gave investors an initial glimpse into how FedEx views the global shipping landscape. FedEx is considered an economic bellwether because it operates the world's largest cargo airline, moving goods as diverse as electronics parts and pharmaceuticals. FedEx said the forecast assumes no impact from jet fuel and continued moderate economic growth.
'Fiscal 2014 was a good year for FedEx and we expect fiscal 2015 to be even better,' said Alan B. Graf, chief financial officer, in a statement.
FedEx, based in Memphis, Tennessee, provided the fiscal 2015 outlook as it reported a fiscal fourth-quarter profit of $2.46 a share that exceeded analysts' estimates of $2.36 a share.
FedEx rose 4.5 percent to $146.56 at 7:41 a.m. in New York before regular trading.
To contact the reporter on this story: Mary Schlangenstein in Dallas at maryc.s@bloomberg.net
To contact the editors responsible for this story: Ed Dufner at edufner@bloomberg.net Molly Schuetz, James Callan
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