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 FedExs 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.
Investor Report: Pennies on the Dollar
Bellevue Center developer asks for year delay for overhaul
Grocers ask shoppers to support wine sales
‘The’ Time to Invest in Real Estate is Now