The Memphis-based express delivery giant on Thursday reported fiscal third-quarter earnings of 31 cents per share — significantly worse than the 48 cents per share analysts predicted.
Profits from FedEx’s Express, Ground, Freight and Services segments were $97 million on revenues of $8.1 billion for the three months ending Feb. 28, compared with $393 million, or $1.26 a share, on revenues of $9.44 billion a year earlier.
Company officials announced plans to cut $1 billion in annual expenses, including extending pay cuts to include foreign employees, where possible, and further reductions of personnel and work hours.
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