U.S. package delivery giant FedEx on Wednesday reported an $876 million quarterly loss and warned of lower earnings in the next quarter amid a recession. Weighed down by heavy one-time charges, the loss was equivalent to $2.82 per share in the fiscal fourth quarter ending May 31, compared with a loss of $241 million dollars, or 78 cents per share in the same quarter a year ago. Excluding one-time charges, adjusted earnings were 64 cents per share, topping the consensus estimate of 51 cents per share. The $1.2 billion in charges was linked to its acquisitions of Kinko's, now known as FedEx Office, and Watkins Motor Lines, now known as FedEx National, the company said. Revenue fell 20 percent to $7.85 billion amid a tough environment. Looking ahead, the company projected earnings of 30-45 cents per share in the next quarter compared with $1.23 per share a year ago, expressing concerns over rising fuel prices.
