FedEx raises Q1 EPS above consensus; reaffirms FY09 EPS in-line

Briefing.com

Posted: 2008-09-09 16:35:00

Co raises Q1 EPS to $1.23 vs $0.95 First Call consensus, up from prior guidance of $0.80-1.00. Co reaffirms FY09 EPS of $4.75-5.52 vs $4.98 consensus as weaker macroeconomic conditions offset better-than-expected first quarter results. Co says, "First quarter results benefitted from lower-than-expected fuel costs late in the quarter and stringent cost management. While sustained declines in fuel prices could improve our full-year outlook, the slowing economic growth trends in the U.S. are now extending to other areas of the global economy. As a result, we have reduced our planned capital investments by $400 mln, to $2.6 bln for FY09."