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FedEx upbeat on outlook despite lower profit
FedEx Corp reported a 53 percent drop in quarterly profit on Thursday as the worldwide economic downturn continued to weigh on shipping volumes.
But the package delivery giant and economic bellwether said most of its markets were continuing to show signs of improvement, raising the prospect of a wider rebound that might help lift other companies and sectors out of the slump.
"Confidence appears to be improving, the housing sector seems to have bottomed and the auto sales have picked up," Fred Smith, FedEx's chairman, chief executive and president, said during a conference call to discuss the results.
"These are encouraging signs of a more stable economy."
Smith also predicted that the U.S. economy would grow by 3 percent in the third quarter, 4.9 percent in the fourth quarter and 2.9 percent in 2010.
FedEx upbeat on outlook despite lower profit - Yahoo! Finance