NEW YORK (AP) — FedEx is cutting its earnings expectations, blaming the weak global economy.
FedEx Corp. said Tuesday it expects to earn between $1.37 and $1.43 per share in the quarter that ended Aug. 31. That's down from an original forecast of $1.45 to $1.60 per share.
Analysts were expecting $1.56 per share, according to FactSet.
The shortfall is primarily in the package-delivery company's express division. The speedy shipping division, which moves 3.5 million packages on an average day, has been hit hard as customers shift to slower delivery methods to conserve cash as the economy has slowed.
FedEx reports fiscal first-quarter results on Sept. 18. Shares fell 3 percent in after-hours trading.