“FedEx Corp., the world’s largest cargo airline, forecast full-year earnings below analysts’ estimates amid tepid economic growth and customers’ preference for less costly international shipping services.
Earnings per share for fiscal 2014 will rise as much as 13 percent to $7.04, Memphis, Tennessee-based FedEx said today in a statement. Analysts projected $7.28 a share, the average of estimates compiled by Bloomberg.
FedEx is seen as an economic bellwether because of the variety of goods it ships worldwide. The company is parking older planes sooner than planned and cutting capacity to Asia to help trim $1.7 billion in costs as customers opt for cheaper deliveries. About 3,600 workers will leave the company under a voluntary buyout program, FedEx said today….”
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