|
FDX ships strong 3Q results
|
 |
March 18, 1999: 9:44 a.m. ET
FedEx parent declares 2-for-1 split after earnings exceed consensus
|
NEW YORK (CNNfn) - FDX Corp., citing growth in electronic commerce for helping to boost shipments by its FedEx unit, delivered strong fiscal third-quarter earnings Thursday that exceeded the consensus of analysts' estimates.
Partly as a result of the strong results, FDX announced a two-for-one stock split.
The Memphis, Tenn.-based shipping company said net income for the quarter ended Feb. 28 rose to $78 million, or 52 cents a diluted share, from $18 million, or 12 cents, a year earlier. The results exceeded the 41-cent-a-share consensus of analysts surveyed by First Call.
The latest quarter includes the cost of contingency plans related to negotiations with the shipper's pilots. The year-earlier quarter includes expenses related to the acquisition of Caliber.
Revenue for the quarter rose 3 percent to $4.10 billion.
"FDX Corp. is benefiting from the accelerated move to fast-cycle production and distribution methods, the growth in electronic commerce and supply chain re-engineering," said Frederick Smith, the company's chairman.
The stock split, in the form a stock dividend, is payable May 6 to holders of record April 15.
FDX shares closed Wednesday at 92-15/16, down 1-13/16. 
|
|
|
|
|
|
Fedex
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
