Revenues were a little light, totaling $11 billion for the quarter, compared with an estimate of $11.13 billion, and for the full year revenue totaled $42.7 billion, slightly less than the estimate of $42.92 billion. United Parcel Service (NYSE: UPS) missed its consensus earnings targets for the March quarter and is expected to post EPS of $1.17 on revenue of $13.72 billion for the company’s June quarter.
FedEx also forecast first quarter EPS at $1.45-$1.60, short of the consensus estimate of $1.70. The company also forecast full-year EPS of $6.90-$7.40, at the low end of the consensus estimate of $7.39. The forecast doesn’t include the effects of a cost reduction program to be announced later this year nor a decline in capital spending in fiscal 2013. FedEx based its forecast on US GDP growth of 2.2% and global GDP growth of 2.6% during the 2013 fiscal year.
FedEx’s shares are down about -1% in the pre-market, at $87.50 in a 52-week range of $64.07-$98.66.
Paul Ausick
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