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Showing posts with the label success

Despite local unit's success, FedEx suffers decline

FedEx's Moon-based Ground unit is pulling the rest of the company out of the drink. But even with Ground's revenue up by $270 million, or 11 percent from the third quarter of last year, there is only so much that portion of the business can do for the rest. FedEx's third quarter revenues, reported Wednesday, were down so severely that even the Wall Street analysts who watch the Memphis, Tenn.-based company for a living didn't foresee the decline. The company reported earnings of $1.13 per share, or 32 percent below last year's third quarter earnings of $1.65. Excluding one-time items, earnings came in a $1.23 per share. A Thompson-Reuters poll of analysts had expected, on average, earnings per share of $1.38, with the lowest prediction at $1.30. Net income in the third quarter was $361 million, down by 31 percent from $521 million in the same quarter last year, even as total revenues rose by 4 percent from $10.56 billion to $10.95 billion. In other words, the compa