FedEx sees 'extremely difficult' environment

Stung by the economic recession, FedEx Corp. (FDX) today reported a fiscal fourth quarter loss and spooked investors by giving lackluster guidance.

The net loss was $876 million, or $2.82 per share, for the fourth quarter ended May 31, down from a loss of $241 million, or 78 cents a year earlier. Revenue at the Memphis-based company fell 20 percent to $7.85 billion. Excluding non-cash charges totaling about $1.2 billion, or $3.46 per share, earnings would have been 64 cents. On that basis, FedEx was expected to earn 52 cents a share on revenue of $8.4 billion, according to analysts surveyed by Thomson Reuters.