FedEx misses earnings estimates, cuts full-year forecast again

Lisa Baertlein and Ankit Ajmera, MSN

The package delivery company FedEx missed analysts’ estimates for quarterly profit and cut its full-year earnings per share forecast for the second time, citing weaker global trade growth, sending its shares down 5 percent Tuesday.

The Memphis company cut its fiscal 2019 adjusted earnings per share forecast to a range of $15.10 to $15.90, from $15.50 to $16.60 previously.

FedEx, which is seen as a bellwether for the global economy, in December slashed its full-year profit forecast, blaming weak growth in Europe and a cooling Chinese economy due to an ongoing trade war with the United States.

More: https://www.msn.com/en-us/money/companies/fedex-misses-earnings-estimates-cuts-full-year-forecast-again/ar-BBUYMCz?ocid=spartandhp