FedEx reported fiscal Q2 2013 results that were weaker on a year-over-year basis, the company detailed in a press release. Although revenue was 5% higher on an annual basis at $11.1 billion, net profit saw a 12% decline to $438 million ($1.39 per share).
Analysts had been expecting revenue of around $10.8 billion and EPS of $1.41.
The company attributed the drop in earnings to the negative effects of Hurricane Sandy, and what its CEO Frederick Smith termed "persistent weakness in the global economy and increased demand for lower-yielding international services."
The firm also provided guidance for its current Q3 and for full-year fiscal 2013. It believes earnings will total $1.25-$1.45 per diluted share for the former, and $6.20-$6.60 for the latter.
The article FedEx Quarterly Profit Drops originally appeared on Fool.com.Eric Volkman and The Motley Fool have no positions in FedEx. Motley Fool newsletter services recommend FedEx. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.