FDX results miss street view
(Reuters) – FedEx Corp reported third quarter earnings on Thursday and said it expects further staff reductions.
Highlights:
* Q3 earnings per share $0.31
* Sees Q4 earnings per share $0.45 to $0.70
* Q3 revenue fell 14 percent to $8.14 billion
* Says further reduction of personnel and work hours
* Says network capacity reductions at Fedex express and Fedex freight
* Says cost-reduction actions are expected to result in fourth quarter charges
of approximately $100 million
* Says streamlining of information technology systems and other internal
processes
* Says actions are targeted to reduce expenses by approximately $1.0 billion
* Says expects earnings to be $0.45 to $0.70 per diluted share in the fourth
quarter
* Says outlook assumes continued weak global macroeconomic conditions and
stable fuel prices
* Reuters Estimates Q3 earnings per share view $0.46, revenue view $8,681.14
million
* Reuters Estimates FY 2009 earnings per share view $3.97
* Reuters Estimates Q4 earnings per share view $0.72