Business

Market movers

FedEx’s quarterly profit plunges 31%

FedEx is considered a bellwether because so many consumers and businesses use its services.

Justin Sullivan/Getty Images

FedEx is considered a bellwether because so many consumers and businesses use its services.

Advertisement

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.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com