FDX Guides Lower As Revenues & Profits Drop Like A Stone

June 17 (Bloomberg) — Fedex Corp. forecast first-quarter earnings per share of 30 cents to 45 cents, below the consensus estimate of 70 cents.

FDX loses $2.82 per share

By John Ittner

NEW YORK (MarketWatch) — FedEx Corp. /quotes/comstock/13*!fdx/quotes/nls/fdx (FDX 50.11, -1.31, -2.55%) said today it lost $876 million, or $2.82 per share for the fourth quarter , including $3.46 a share of previously disclosed charges. In the same period a year ago, FedEx lost $241 million, or 78 cents a share. Excluding these charges, earnings were 64 cents a share. These charges, approximately $1.2 billion, result from the impairment of goodwill related to the acquisitions of Kinko’s Inc. and Watkins Motor Lines. Revenue was $7.85 billion, down 20%. Analysts polled by FactSet Research estimated, on average, adjusted earnings of 51 cents and sales of $8.4 billion. FedEx sees earnings of 30 cents to 45 cents a share in the first quarter, compared to $1.23 a year ago. “At this time we do not have enough visibility into the economic recovery and jet fuel prices to provide a meaningful annual earnings forecast,” said Chief Financial Officer Alan Graf, Jr.