Shares of FedEx (NYSE:FDX) were falling this morning after the company lowered its full year fiscal forecast to the range of $6.20 to $6.60 per share. The company said the global economy is slowing and customers are opting for less expensive delivery services. The Express unit plans to reduce the number of flights each day, take planes out of service and offer buyouts to employees in hopes of lower expenses.
In the most recent quarter, FedEx earned $459 million, or $1.45 per share, matching the high end of their recently lowered range. Revenue for the company was higher by 3% year over year to $10.79 billion.
In morning trading, shares of FDX were lower by 1.8% so far.
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