Getting your player ready...
NEW YORK — FedEx says consumers are putting off purchases of electronics and other gadgets from China, prompting the world’s second-largest package-delivery company to lower its earnings expectations for the fiscal year that ends in May.
Although anxiety over the economy created a rout in the stock markets — and its own shares — FedEx isn’t yet ready to predict another recession in the U.S.
For the fiscal first quarter, net income rose 22 percent to $464 million, or $1.46 a share, in the three-month period, compared with $380 million, or $1.20 a share, a year earlier. Revenue rose 11 percent to $10.52 billion.
Denver Post staff and wire reports
