News Summary: FedEx 4Q profit drops 45 percent
News Summary: FedEx fiscal 4Q profit down 45 percent, beats Wall Street expectations
DELIVERING LESS PROFIT: FedEx Corp. posted net income of $303 million for its fiscal fourth quarter, which ended May 31 — down 45 percent from a year earlier.
BETTER THAN EXPECTATIONS: The company's adjusted profit, which excludes restructuring charges, was $2.13 per share, beating Wall Street's forecast of $1.96 per share.
PRIORITY PROBLEM: FedEx still sees weakness in priority international air shipments, as customers continue to shift to cheaper but slower delivery options.
