FedEx Posts 18 Percent Drop in Profits

Published by: Mike Goldman on 16th Dec 2010 | View all blogs by Mike Goldman

FedEx Posts 18 Percent Drop in Profits

FedEx posted a drop of 18 percent in second-quarter profits Thursday, failing to reach its revenue target, but the Memphis-based package deliverer said the holiday season would be better than expected. FedEx stock reversed pre-market declines to climb 2.2 percent to $94.44 per share as of noon ET. The stock as now gained about 13 percent since the beginning of 2010.

Prior to the start of Thursday's trading session, the company said its second-quarter profit fell down to $283 million, or 89 cents per share, compared to $345 million, $1.10 per share, in the same period a year ago. Excluding charges, FedEx earned $1.16 per share during the latest reporting period, while the company's revenue climbed 12 percent to $9.63 billion.

Analysts participating in a recent survey conducted by FactSet Research had forecast an average earnings figure of $1.31 per share on revenue of $9.78 billion.

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