Fedex Corp. (FDX) Tops Q4 EPS by 17c, Sales Light

June 19, 2013 7:32 AM EDT
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Fedex Corp. (NYSE: FDX) reported Q4 EPS of $2.13, $0.17 better than the analyst estimate of $1.96. Revenue for the quarter came in at $11.4 billion versus the consensus estimate of $11.44 billion.

"FedEx Ground posted another strong year and FedEx Freight margins continued to improve," said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. "These positive developments did not fully offset tepid economic growth and customer preference for less costly international shipping services. FedEx Express results improved in the fourth quarter, and while near-term challenges remain, we are confident we are positioning FedEx for profitable, long-term growth."

FedEx is revising its earnings guidance practices to focus on full fiscal year projections with quarterly updates. For fiscal 2014, the company projects earnings per share growth of 7% to 13% from fiscal 2013 adjusted results. This assumes the current market outlook for fuel prices, U.S. GDP growth of 2.3% and world GDP growth of 2.7%. Capital spending for fiscal 2014 is expected to be approximately $4 billion.

The new guidance implies EPS of $6.61-$7.04, which compares to consensus of $7.36.

"We remain focused on improving margins and returns in all of our businesses. The pace of that improvement is expected to be moderate in fiscal 2014 and then accelerate in fiscal 2015," said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. "Our profit improvement program is progressing, but we continue to see the effects of customers selecting lower-rate international services. FedEx Express will further decrease capacity between Asia and the United States in July."

For earnings history and earnings-related data on Fedex Corp. (FDX) click here.

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