Fedex delivers a smaller package

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FedEx has cut its earnings forecast for the quarter ending November 30. The company says that an 8% rise in fuel costs and weak less-than-truckload freight trends precipitated the move. Earnings are now expected to be in the range of $1.45-$1.55 per diluted share, compared to the previous forecast of $1.60-$1.75. For the full fiscal year, the company now expects earnings of $6.40-$6.70 per diluted share, compared to the previous forecast of $6.70-$7.10.
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