FedEx Falls After Lowering 2013 Forecast Amid Asia Cuts - Bloomberg
FedEx Corp. (FDX) tumbled the most since September 2011 after lowering its 2013 earnings forecast and planning capacity cuts in Asia amid a widening customer shift to its cheaper overseas delivery services.
Profit in the fiscal year through May will be $6 to $6.20 a share, down from an earlier projection of as much as $6.60, the Memphis, Tennessee-based company said in a statement today. The forecast and fiscal third-quarter profit both trailed analysts’ estimates.
FedEx Corp. (FDX) tumbled the most since September 2011 after lowering its 2013 earnings forecast and planning capacity cuts in Asia amid a widening customer shift to its cheaper overseas delivery services.
Profit in the fiscal year through May will be $6 to $6.20 a share, down from an earlier projection of as much as $6.60, the Memphis, Tennessee-based company said in a statement today. The forecast and fiscal third-quarter profit both trailed analysts’ estimates.
