FedEx Sinks Most Since 2008 as Outlook Sows Doubts on Economy
- World growth peak ‘appears to be behind us,’ company says
- Shares drop most on S&P 500 after courier cuts forecast
Drivers for an independent contractor to FedEx Corp. deliver packages in New York.
Photographer: Christopher Lee/BloombergThis article is for subscribers only.
FedEx Corp. plunged the most in a decade as a darkening view of demand for shipping services outside the U.S. prompted the company to slash its profit forecast and pare international air-freight capacity.
The courier cut its outlook just three months after raising it, reflecting an abrupt change in FedEx’s view of the global economy. Adjusted earnings in fiscal 2019 will be no more than $16.60 a share, FedEx said in a statement late Tuesday. That was less than the lowest analyst estimate compiled by Bloomberg.