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FedEx profit falls on weak air-freight business
By The Associated Press
This article was published March 20, 2013 at 11:06 a.m.
DALLAS — FedEx said Wednesday that third-quarter profit fell 31 percent as customers shifted to slower and less-expensive international air-shipping options.
The company says it will cut capacity to and from Asia starting next month and might retire some of its older airplanes.
FedEx Corp. said its net income fell to $361 million, or $1.13 per share, in the three months ended Feb. 28. That’s down from $521 million, or $1.65 per share, a year earlier. Revenue rose 4 percent to $11 billion.
Read tomorrow's Arkansas Democrat-Gazette for full details.
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