posted first-quarter earnings of 41 cents a diluted share before the effect of an accounting change,down from 58 cents a share in the same period last year. Income for thequarter was 36 a share including a noncash charge froman accounting change. Analysts expected the company to earn 31 cents. Revenue rose to $5.04 billion, up 5% from $4.78 billion the previous year.
"Since our first quarter ended, the global economy has weakened further," the company said in a press release. "Prior to the tragic events of September 11, we were comfortable with the existing range of analysts' estimates for the second quarter. It is extremely difficult for us to fully assess the financial effects of last week's events at this point, but our volumes at FedEx Express were substantially reduced last week while our aircraft were grounded and our volumes have not yet recovered to levels existing prior to the tragedy. We intend to continue to manage the company's cost structure to remain profitable in the second quarter and the remainder of fiscal 2002."
Earnings Reports & Warnings:
expects tomeet Wall Street's earnings expectations of 20 cents a share in thirdquarter.
again reaffirmed that it expects to earn $1.35 a share for theyear, below the $1.37 expected by analysts. The company, which isforecasting earnings growth of 25% for 2002 and beyond, alsoacquired a 50% stake in a generating station outside of LasVegas.
, a maker of office furniture, earned 9 cents a share in the second quarter, excluding a charge associated with workforce reductions. Analysts expected the company to earn 6 cents. The company earned 36 cents in the year-ago quarter. The company also said it expects to take a charge of at least $5 million in the third quarter for restructuring.
a maker of database software, reducedits 2002 forecast and now expects revenue to grow 8% to 10%.
Mergers & Acquisitions:
is buying a 21.7% stake in
, the country's third largest carrier, according to publishedreports. The deal is reportedly costing Vodafone 312 billion yen.
wouldn't comment on reports that it is planning to buy
, a Japanesesupermarket operator, for about $850 million. Wal-Mart said earlier in the year that it plans to expand internationally. The company doesn't have any stores in Japan.
which recently cut its third-quarter guidance because of the World Trade Center and Pentagon attacks, said that
Cheung Kong Holdings
withdrew their request for a shelf registration that would allow them tosell shares of the name-your-own price Internet retailer. priceline also approved arequest by Cheung Kong and Hutchison to increase their ownership in the company to 37.5% from27%.
an Internet health care company, said presidentMarvin Rich is resigning. His duties will be covered by four executives.