FedEx delivers lower profits and outlook

DELIVERY group FedEx yesterday cut its full-year forecast after a worse-than-expected 31 per cent drop in quarterly net income to $361m (£238.6m), as customers shift from air express to slower but cheaper modes of international shipping. FedEx’s express unit, its biggest source of revenue, was also hit by overcapacity in the industry that has squeezed margins. Overall revenue rose four per cent to $11bn.