Earnings Preview : FedEx Corporation (NYSE:FDX)
Wednesday, March 10, 2010 11:31 AM

FedEx Corporation (NYSE:FDX) is scheduled to report is 3rd quarter 2010 earnings on Thursday March 18th 2010.  FedEx has recently been ranked number 13 on Forbes top 20 most admired companies.  FDX has been on this list for 10 consecutive years.  FedEx was able to manage costs while maintaining service levels during the economic downturn, and has increased demand in international business, especially in Asia and Latin America.  The company has also enhanced the corporation's overall reputation for reliable deliveries.

In the 2nd fiscal quarter of 2010, (December 17th 2009), FedEx reported net income of 345 million dollars or $1.10 per diluted share.  This was compared to an average estimate of $1.06 per diluted share.  Net income for the 2nd quarter of 2009 was $493 million dollars or $1.58 per diluted share.  Total revenue for the 2nd quarter was 8.569 billion dollars and gross profits was 2.27 billion dollars.

FedEx projects 3rd quarter 2010 earnings to be in the .50 - .70 cents per share range, up substantially for the .31 per share for the 3rd quarter of 2009.  The projected increase reflects continued cost reductions, throughout the company's operations .  FedEx increased rates by an average of 5.9% in January of 2010 for US domestic and US Export service.   This is offset by a 2% decrease in fuel surcharge.

Earnings per share for the 3rd quarter of 2010 have an average estimate of 71 cents per share with a low of 57 cents per share and a high of 82 cents per share.  Full year estimates (May 2010) have an average estimate of $3.62 per share with a low of $3.43 per share and a high of $3.89 per share.  The average estimate for revenue for the 3rd quarter is 8.30 billion dollars, with a low estimate of 7.98 billion dollars and a high of 8.68 billion dollars.  Over the last 90 days earnings estimates for the 3rd quarter have decreased from 75 cents per share to 71 cents per share.  During the past 60 days average earnings estimates have remained stable.  Growth estimate for the current quarter average 129% compare to 23.3% for the industry and 41.2% for the S&P 500.

FDX is currently trading near 86.60, and has a 52 week range of 34.02 to 92.59.  The company has a price to earnings ratio of 33, with debt to equity of 20%.  The market cap of FDX is 27.12 billion dollars and a profit margin of 5.3%.  The earnings per share change over from last year is -30%, and the 3 year EPS change was -25%.  The sales growth from last quarter (2nd to 1st) was -10% and the3 year growth sales rate is flat.



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