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FedEx cuts earnings outlook, citing storms

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FedEx boxes are unloaded from a delivery truck in New York City, December 16, 2010. REUTERS/Mike Segar

FedEx boxes are unloaded from a delivery truck in New York City, December 16, 2010. Credit: Reuters/Mike Segar
NEW YORK | Mon Feb 14, 2011 5:53pm EST
NEW YORK (Reuters) – FedEx Corp (FDX.N) 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 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. The storms and fuel prices will also affect full-year results, the company said. It will update its full-year outlook on March 16, when it announces third-quarter results. Analysts were expecting the shipping company to earn $1.04 a share in the quarter and $5.11 in profit for the full year. FedEx shares dropped 1.2 percent to $92.73 in extended trade from their close of $93.99 on the New York Stock Exchange. United Parcel Service (UPS.N) shares fell 0.9 percent to $74.10. (Reporting by Nick Zieminski; Editing by Gary Hill)]]]]> ]]>

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