FedEx lowers full-year earnings estimates

FedEx has lowered its full-year forecast of predicted earnings after a somewhat underwhelming quarterly report, citing higher running costs and lower demand than they had expected. Their estimate for earnings per share dropped from $10.60-$11.10 to $10.40-$10.90.

FedEx’s export revenue per package has fallen by 7% and the number of internationally shipped packages by 5% in the last three months. Their income went up 6% to $692 million (USD), and revenue up 5% to $12.3 billion—but short of analysts’ predictions.

This is seen as part and parcel of the global economic slowdown, which has its root in the stumbling Chinese economy.

(Source: Financial Times, CNN Money)