FedEx Q3 Profit Beats View; 2010 Forecast Raised (FDX)

in Gold Gold Investment Guidance by admin — March 18, 2010 6:06 am | no comments

Package delivery giant FedEx Corporation ( FDX ) said Thursday that its fiscal third quarter profit more than doubled from last year, beating analyst estimates. The Memphis-based company reported fiscal third quarter net income of $239 million, or 76 cents per share, compared with $97 million, or 31 cents per share, in the year-ago period. Revenue rose 7% from last year, to $8.7 billion. On average, Wall Street analysts expected a smaller profit of 72 cents per share, on lower revenue of $8.32 billion. Looking ahead, the company said it expects to earn $1.17 to $1.37 per share in the fiscal fourth quarter, which straddles analysts’ current estimates of $1.26 per share. The company also boosted its full-year 2010 guidance to a range of $3.60 to $3.80 per share, up from a prior outlook of $3.45 to $3.75 a share. Analysts expect $3.65 per share for the year, on average. FedEx shares fell $1.80, or -2%, in premarket trading Thursday. The Bottom Line Shares of FDX have a dividend yield of .49%, based on last night’s closing stock price of $89.80. The stock has technical support in the $81-$82 price area. If the shares can firm up, we see overhead resistance around the $92-$97 price levels. We would remain on the sidelines for now. FedEx Corporation ( FDX ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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FedEx Q3 Profit Beats View; 2010 Forecast Raised (FDX)

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