FedEx Reports 3% Rise in Quarterly Profit

Federal Express reported a 3% increase in second-quarter earnings, to $107 million. Despite a $12-million loss because of currency devaluations, the Memphis, Tenn.-based air cargo company said it was not badly hurt by the financial troubles in Asia. The quarterly earnings were up from $103.7 million last year. Per-share earnings were 91 cents for the quarter ended Nov. 30, compared with 90 cents a year earlier. However, the per-share earnings were below the 95 cents expected by analysts. Although the results were issued after the NYSE closed, a report in the Wall Street Journal saying earnings would be flat sent FedEx shares tumbling. Fedex ended the trading day down $5 to close at $62.38. “I personally would describe the quarter as solid,”