By Associated Press
|
NEW YORK (AP) — FedEx says the global economy is worsening and it's again cutting its forecast for the fiscal year ending in May.
The package delivery company
also expects net income for the current quarter ending in November to
fall well below last year's quarter. The stock lost about 2 percent.
For the full year, the Memphis, Tenn. company now expects to earn between $6.20 and $6.60 per share, compared with a previous forecast of $6.90 to $7.40 per share.
For
the current quarter, FedEx sees earnings of $1.30 to $1.45 per share,
compared with $1.57 per share last year. Both predictions are well under
analysts' forecasts.
In the three months that ended in August, FedEx Corp. reported earnings of $1.45 per share. That hit the top end of its recently lowered estimate.
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