FedEx raises 4Q earnings estimate by USD 0.05

FedEx Corporation has increased its earnings estimate for the fourth quarter of fiscal 2004 to USD1.20 to USD1.30 per diluted share, excluding the costs of the company’s business realignment activities, compared to USD0.92 per diluted share a year ago. Fiscal 2004 earnings are now expected to be USD3.40 to USD3.50 per diluted share, excluding business realignment costs and a one-time tax benefit recorded in the first quarter, compared to USD2.74 per diluted share a year ago.
FedEx also announced it expects fiscal 2005 earnings of $4.00 to $4.20 per diluted share, an increase of 14% to 24% over the company’s revised fiscal 2004 forecast discussed above.
“We expect fiscal 2005 to be a strong year for FedEx, with very good improvement in our operating margin, earnings per share, cash flow and returns,” said Alan B. Graf, Jr., executive vice president and chief financial officer. “Our optimism stems from increasing customer demand for services in all business segments, a lower cost structure at FedEx Express and improving economic conditions.”
FedEx Corp. (NYSE:FDX) provides customers and businesses worldwide with the broadest portfolio of transportation, e-commerce and business services. With annual revenues of $25 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx and Kinko’s brands. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 240,000 employees and contractors to remain “absolutely, positively” focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit fedex.com.