FedEx Announces Earnings

FedEx (FDX) announced that it earned $438 million, or $1.39 per share, versus $487 million, or $1.57 per share, in the same period last year. Analysts had expected earnings of $1.41 per share. Revenue increased by $11.1 billion from $10.6 billion, while analysts had expected revenue of $10.84 billion. The company attributed the drop in earnings due to weakness in the air network, as well as the impact of Hurricane Sandy.