Arab Today, arab today fedex profits fall on weak results
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

FedEx profits fall on weak results

Arab Today, arab today

Arab Today, arab today FedEx profits fall on weak results

New York - AFP

Global package delivery giant FedEx Wednesday reported lower quarterly earnings and slashed its profit guidance for fiscal 2013, citing weakness in the international freight market. FedEx, considered a proxy for the global economy, reported net income of $361 million for the third quarter that ended February 28, down 31 percent from the year-ago period. Revenue rose 4 percent to $11 billion, about $100 million below the company\'s forecast. FedEx, which plans to remove some aircraft capacity and reduce headcount as part of a restructuring, said competition remained tough for premium international deliveries. \"The third quarter was very challenging due to continued weakness in international air freight markets, pressure on yields due to industry overcapacity and customers selecting less expensive and slower-transit services,\" said chief executive Frederick Smith. FedEx Express president David Bronczek told analysts during a conference call that the company\'s US business was performing \"very well.\" All segments of the US delivery recorded flat or positive margin growth compared with last year. To compensate for the slower international side of the business, FedEx plans to decrease capacity to and from Asia. The company slashed its capital spending for fiscal 2013 to $3.6 billion from a previous forecast of $3.9 billion. FedEx also is proceeding with a voluntary buyout program that targets thousands of employees, with most of the buyouts to take effect in the current fourth quarter that ends May 31. It estimates the program costs will come in at $450-$550 million for the year. FedEx is projecting \"modest\" growth in the US and global economy, said executive vice president Mike Glenn. The calender outlook \"certainly remains uncertain, due mainly to policy issues in the US, Europe and China,\" Glenn said. FedEx shares were off 5.8 percent in midday trade in New York.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fedex profits fall on weak results Arab Today, arab today fedex profits fall on weak results

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fedex profits fall on weak results Arab Today, arab today fedex profits fall on weak results

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday