MEMPHIS, Tenn.(AP)
FedEx is cutting its fourth-quarter guidance, blaming a steep
increase in fuel costs.
The Memphis, Tenn.-based shipping company says it now expects to
post a fourth-quarter profit of $1.45 to $1.50 per share, down from
its previous prediction of $1.60 to $1.80 per share.
Thomson Financial says analysts expect, on average, a profit of
$1.69 per share.
Fedex says its fuel costs have risen by more than 7 percent
since it issued its previous guidance in March.
In addition, weak economic conditions have resulted in lower
demand for shipping and freight services, the company says.
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