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FedEx Q4 earnings miss expectations, shares down 1.7% in pre-market

Published 06/17/2015, 07:38 AM
Updated 06/17/2015, 07:38 AM
© Reuters. FedEx shares fall 1.7% ahead of the open as Q4 earnings miss expectations

Investing.com - Global shipping giant FedEx (NYSE:FDX) reported weaker than expected fiscal fourth quarter earnings early Wednesday, sending its shares lower in pre-market trade.

FedEx said earnings per diluted share came in at $2.66 for the fourth quarter ended May 31, below expectations for earnings of $2.69 per share. The company’s fourth quarter revenue totaled $12.1 billion, missing forecasts for revenue of $12.3 billion.

"Fiscal 2015 was a transformative year for FedEx with outstanding financial results driving expanded long-term value for shareowners," said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer.

FedEx projects earnings to be $10.60 to $11.10 per diluted share for fiscal 2016, driven by continued improvement in base pricing and benefits from our profit improvement program. The outlook assumes continued moderate economic growth and does not include any operating results or costs related to TNT Express.

Following the release of the report, shares in FedEx slumped 1.72%, or $3.13, in pre-market trade to $179.00 from a closing price of $182.13 on Tuesday.

Meanwhile, the outlook for U.S. equity markets was mildly upbeat. The Dow futures indicated a gain of 0.2% at the open, the S&P 500 pointed to a rise of 0.15%, while the Nasdaq 100 indicated an increase of 0.1%.

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