Doing well: Subramaniam speaks at a summit in San Francisco. The FedEx CEO says he is confident the margins at Express will return and the cost take-out that’s continuing to take place will serve the company well especially as the demand profile returns. — AP
NEW YORK: FedEx Corp reports profit below analyst expectations as cost cuts weren’t enough to make up for volume declines at the air-freight unit amid a lingering cargo recession.
The company lowered its sales forecast for the financial year ending May 31. Adjusted earnings were US$3.99 a share, the Memphis, Tennessee-based company said in a statement.
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