FedEx says it swung to a loss in the fourth-quarter because of high fuel costs and issued an earnings guidance that is well below Wall Street's expectations.
FedEx sees 2009 earnings of $4.75 to $5.25 per share. Wall Street had predicted $5.92 per share. The package delivery company expects to earn 80 cents to $1 per share in the first-quarter. Analysts forecast $1.27 per share.
Memphis-based FedEx Corp. on Wednesday posted a loss of $241 million, or 78 cents per share, compared with a year-ago profit of $610 million, or $1.96 per share. Excluding one-time charges, FedEx earned $1.45 per share.
Revenue rose 8 percent to $9.87 billion, from $9.15 billion a year earlier.
Analysts polled by Thomson Financial expected $1.47 per share on revenue of $9.6 billion.