FedEx doubles quarterly profit, plans job cuts

FedEx Corp., the package-delivery giant and economic bellwether, said Thursday that its fiscal first-quarter profit more than doubled as the global economy strengthened and trade expanded after last year’s recession.

The company increased its fiscal-year outlook, but weaker profit margins in its core Express and Ground segments and a soft second-quarter forecast made investors nervous. The company also plans to cut 1,700 jobs and close facilities as it combines its freight businesses.

“We expect a phase of somewhat slower economic growth,” said Chairman and Chief Executive Fred Smith. “The recovery began a year ago, and we believe slower growth is consistent with historical business cycles.”

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- Posted: 2010-09-16 22:26:10

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