FedEx’s quarterly profit fell 31 percent to $361 million, or $1.13 per share, as customers picked slower but less-expensive international air-shipping options. The company cut its forecasts: It now expects adjusted earnings of $1.90 to $2.10 per share in the current quarter and $6 to $6.20 for the year, below what analysts predicted. Also, FedEx will cut capacity to and from Asia and might retire some older airplanes. It plans to cut annual costs $1.7 billion by 2016 with buyouts that will reduce staffing at least 10 percent by May 2014.
March 21, 2013
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