FedEx Corp. reduced its profit outlook for the year through Mayafter quarterly earnings dropped for the first time in almost threeyears amid reduced demand for premium shipping services.

Earnings will be $6.20 to $6.60 a share compared with a previousforecast of $6.90 to $7.40, excluding potential benefits from costcuts that the Memphis, Tennessee-based company is reviewing. FedExsaid in a statement that it will boost rates at its FedEx Expressunit.

“Weakness in the global economy constrained revenue growth atFedEx Express during our first quarter and affected our earnings,”Chief Executive Officer Fred Smith said in the statement. “We aretaking further actions to reduce costs and adjust our networks tomatch current and anticipated shipment volumes.”

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.