Fedex raises first-quarter earnings view to $1.23 a share
By Sue Chang
Last update: 4:43 p.m. EDT Sept. 9, 2008Comments: 1







FDX said late Tuesday it is raising its first-quarter earnings outlook to $1.23 a share, compared with 80 cents to $1 a share previously announced. "First quarter results benefitted from lower-than-expected fuel costs late in the quarter and stringent cost management," said Alan Graf, executive vice president and chief financial officer of Fedex, in a statement. It reaffirmed its fiscal 2009 earnings view of $4.75 to $5.25 a share, noting weaker economic conditions offset better-than-expected first quarter results. It also scaled back its capital investment plans for 2009 by $400 million to $2.6 billion as slower economic growth in the U.S. is spreading to other parts of the world. Analysts polled by FactSet Research forecast the company to earn 98 cents a share in the first quarter and $5.09 a share in 2009.