More gloomy economic news: Conway and FedEx revise earnings forecasts
December 9, 2008 by SwizStick
Filed under Integrators, QuickNews
Con-way said that is has revised its 2008 full-year earnings estimate from continuing operations to be between $2.20 and $2.35 per diluted share, which is down from previous guidance of $2.60 to $2.80 per diluted share.
They will be laying off staff as well:
And with the consumer spending slowdown resulting in significantly lower volumes for Con-way Freight over October (down 3.8 percent) and November (down 9.2 percent), the company’s less-than-truckload (LTL) unit, the company announced it is reducing the Con-way Freight staff by 8 percent—or roughly 1,450 employees.
As for FedEx:
FedEx said that it will report earnings of $1.58 per diluted share for the second quarter ended November 30, with previous guidance at $1.40 to $1.60 per diluted share. And for fiscal 2009, FedEx reduced earnings guidance to $3.50 to $4.75 per diluted share from previous guidance of $4.75 to $5.25.
Hey, at least they will be making money – there’s a lot of companies out there that won’t be.
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