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Shipping giant


(FDX) - Get FedEx Corporation Report

posted nearly identical earnings in its fiscal second quarter compared with a year ago, topping analysts' forecasts on a 10% jump in revenue. The company said third-quarter results would be at the low end of estimates, however, because of the weak U.S. economy.

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Memphis-based FedEx earned $245 million, or 81 cents a share, in the latest quarter, the same as last year and 2 cents a share better than the consensus estimate compiled by First Call. Revenue was $5.67 billion, up from $5.14 billion the previous year

FedEx said its total average daily package volume at FedEx Express and FedEx Ground units grew a combined 13% year-over-year for the quarter.

For the third quarter, the company expects to earn 45 cents to 55 cents a share, "given the weaker than expected U.S. economic growth in the manufacturing and wholesale sectors." Analysts polled by First Call were predicting earnings of 54 cents a share. The company said its forecast of 2003 earnings of $2.77 a share is "still achievable;" analysts are predicting $2.74, on average.