FedEx US says economic growth ‘steady’
FedEx Corp. has reaffirmed its earnings outlook for the fourth quarter, saying it continues to see steady economic growth across the U.S. and internationally.
The current average estimate of analysts polled by Thomson First Call is for earnings of USD1.48 a share in the May period.
“The overall strength of the economy, and in particular the strength in the manufacturing and wholesale sectors, should continue to benefit FedEx going forward,” said Frederick Smith, the company’s chairman, president and CEO.
FedEx stock fell 1.2percent on Thursday to USD86.51. So far this year, the company’s shares are down 11percent but are off just over 3percent in the last 30 days.
The announcement comes one day after United Parcel Service UPS backed its earnings outlook for 2005 and said that the company’s domestic business is growing. See full story.
