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market movers

FedEx’s quarterly profit falls 45 percent

FedEx shares are off 7 percent since March. Earnings fell from $550 million to $303 million.

Justin Sullivan/Getty Images

FedEx shares are off 7 percent since March. Earnings fell from $550 million to $303 million.

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FedEx Corp. quarterly profit fell 45 percent as international customers traded down to less-expensive deliveries and the company spent heavily on restructuring. About 3,600 employees will take voluntary buyouts; nearly half of them have left. FedEx is also retiring older planes. Excluding charges related to those moves, results beat expectations. But the profit forecast for the next 12 months was less than analysts predicted.

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