MEMPHIS, Tenn. (AP) _ FedEx Corp. (FDX) on Tuesday reported a loss of $334 million in its fiscal fourth quarter.
On a per-share basis, the Memphis, Tennessee-based company said it had a loss of $1.28. Earnings, adjusted for non-recurring costs and asset impairment costs, came to $2.53 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.42 per share.
The package delivery company posted revenue of $17.36 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $16.12 billion.
For the year, the company reported profit of $1.29 billion, or $4.90 per share. Revenue was reported as $69.22 billion.
FedEx shares have fallen slightly more than 7% since the beginning of the year, while the Standard & Poor’s 500 index has dropped 4%. In the final minutes of trading on Tuesday, shares hit $140.22, a drop of 14% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FDX at https://www.zacks.com/ap/FDX
The Associated Press