Originally published at www.seclive.com
FedEx Corporation (FDX) announced its financial results for the third quarter of fiscal year 2014, posting earnings that missed analyst expectations. The Memphis-based company reported a 3% increase in revenue from $11.0B a year ago to $11.3B while operating income improved 9% from $589M to $641M. Net income increased 5% from $361M last year to $378M while earnings per share of $1.23 missed analyst expectations at $1.45. CEO Frederick Smith commented that the severe winter weather adversely affected the company's performance but that on days with more typical weather conditions for the season the company's volumes were high. The company lowered its previously stated earnings per share range of $6.73 to $7.10 to now between $6.55 and $6.80 per share. CFO Alan Graff attributed the lower earnings guidance to severe winter weather.
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