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FedEx posts bigger loss, issues gloomy outlook
FedEx sees "extremely difficult" quarters ahead, after posting bigger 4th-quarter loss
NEW YORK (AP) -- FedEx Corp. on Wednesday warned it expects earnings well below analysts' views in the next quarter, after it posted a bigger fiscal fourth-quarter loss due to hefty one-time charges.
"The operating environment for our first two quarters in fiscal 2010 is expected to be extremely difficult," executive vice president and chief financial officer Alan B. Graf Jr. said.
Graf said that still-sluggish manufacturing activity and another run-up in fuel prices will hinder earnings in the near future. But he also expects that FedEx's performance will begin to improve in the last two fiscal quarters of 2010 as cost-cutting measures start to "gain traction."
FedEx posts bigger loss, issues gloomy outlook - Yahoo! Finance
FedEx sees "extremely difficult" quarters ahead, after posting bigger 4th-quarter loss
NEW YORK (AP) -- FedEx Corp. on Wednesday warned it expects earnings well below analysts' views in the next quarter, after it posted a bigger fiscal fourth-quarter loss due to hefty one-time charges.
"The operating environment for our first two quarters in fiscal 2010 is expected to be extremely difficult," executive vice president and chief financial officer Alan B. Graf Jr. said.
Graf said that still-sluggish manufacturing activity and another run-up in fuel prices will hinder earnings in the near future. But he also expects that FedEx's performance will begin to improve in the last two fiscal quarters of 2010 as cost-cutting measures start to "gain traction."
FedEx posts bigger loss, issues gloomy outlook - Yahoo! Finance