FedEx Cuts 1Q Earnings Forecast

FedEx Corp. lowered its earnings forecast for its recently ended fiscal first quarter, saying that weakness in the global economy constrained its revenue growth.

Earnings for its quarter ended Aug. 31 will be $1.37 to $1.43 per share, down from an originally projected $1.45 to $1.60 per share, FedEx said late Tuesday.

A year ago, the company earned $1.46 per share for the quarter.

In its most recent earnings report following its fiscal fourth quarter ended May 31, FedEx projected it would earn $6.90 to $7.40 per share in the 2013 fiscal year.

FedEx Corp., which report its first-quarter earnings on Sept. 18, is ranked No. 2 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.