/ Source: The Associated Press
FedEx says its fiscal third-quarter profit tumbled 75 percent as severe weakness in the global economy offset the benefit of lower fuel prices.
The Memphis, Tenn.-based company said Thursday it earned $97 million, or 31 cents per share, compared with $393 million, or $1.26 a year earlier.
Revenue fell 14 percent to $8.14 billion, from $9.44 billion.
Thomson Reuters says analysts expected profit of 46 cents per share on revenue of $8.65 billion.
To further reduce costs, FedEx plans to cut more jobs, reduce some workers’ hours and trim air and truck capacity.
The company expects fourth-quarter earnings of 45 to 75 cents per share, compared with $1.45 a year ago. Analysts forecast 72 cents per share.
