Please refer to last paragraph.
FedEx beats Q3 estimates, sets split
By Steve Gelsi, CBS MarketWatch
Last Update: 9:56 AM ET Mar 18, 1999
NewsWatch
MEMPHIS, Tenn. (CBS.MW) -- FDX posted better-than-expected
third quarter earnings and set a 2-for-1 stock split on Thursday.
FDX (FDX) the parent of package deliverer FedEx, said it earned 52
cents per share, well ahead of the 41 cents per share in a First Call survey
of analysts.
Shares of FDX jumped 4 1/8 to 97 1/16 in early
trading on Thursday.
FDX said its third quarter earnings of 52 cents per
share rose from last year's tally of 12 cents per
share.
Excluding this year's cost of contingency plans
related to the FedEx pilot negotiations and last
year's merger expenses related to the Caliber
acquisition, earnings for the quarter were 87 cents
per share, up from 65 cents per share a year ago.
Revenue was $4.1 billion, up 3 percent from last
year's $4 billion.
Net income was $78 million, up from last year's $18 million.
"FDX Corp. is benefiting from the accelerated move to fast-cycle
production and distribution methods, the growth in electronic
commerce and supply chain reengineering," Chairman, President and
Chief Executive Officer Frederick W. Smith said in a statement. |
