FedEx cuts earnings outlook, citing storms

By @ibtimes on

FedEx Corp cut its earnings forecast for the current quarter, citing disruption from winter storms in the United States and Europe and higher fuel prices, sending shares lower in post-market trading.

FedEx said it now expected adjusted quarterly earnings of 70 cents to 90 cents a share in its fiscal third quarter, down from its earlier forecast of 95 cents to $1.15. Analysts were expecting the shipping company to earn $1.04 a share in the quarter.

FedEx shares fell 0.9 percent in post-market trading from their close of $93.99 on the New York Stock Exchange, while shares of rival United Parcel Service fell 1.1 percent.

(Reporting by Nick Zieminski; Editing by Gary Hill)

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