FedEx downgrades 3QFY2011 profit forecast

FedEx downgraded (14-Feb-2011) its 3QFY2011 ending 28-Feb-2011 profit forecast from USD0.95-USD1.15 to USD0.70-USD0.90 per dilute share due to loss of revenue and increased expenses resulting from severe winter storms and higher-than-expected fuel prices. The company is scheduled to release its 3QFY2011 results on 17-Mar-2011. [more]

FedEx: "We experienced significant network disruptions in the US and Europe and unusually high costs from severe winter storms. In addition, fuel prices continued to escalate since we provided our earnings outlook in December," Alan Graf, Executive Vice President and CFO. Source: FedEx, 14-Feb-2011.