FedEx (NYSE:FDX) announced that quarterly profit was worse than expected due to weakness in the air express business. Profit fell by 31 percent to $361 million, or $1.13 per share. Excluding one time items, the company earned $1.23 per share. Revenue increased by four percent to $11 billion. Analysts had expected earnings of $1.38 per share on revenue of $10.85 billion. FedEx said it expects fourth quarter earnings of $1.90 to $2.10 per share, with analysts expecting $2.07 per share.
Shares are lower by about 3.8 percent.
Rival United Parcel Service (NYSE:UPS) is due to report earnings on April 25th, with analysts expecting per share earnings of $1.02 per share.
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