March 20, 2013 at 11:54 AM EDT
FedEx Shares Dip As It Fails To Deliver Profit Growth
FedEx (FDX) failed to deliver profit growth last quarter and missed analyst targets. Disappointed investors sold off hard early Wednesday. The No. 2 U.S. package delivery service said a trio of problems hurt fiscal third-quarter results. Weak international air freight shipments, industry overcapacity and customers using lower-cost shipping were blamed. Earnings per share fell 21% from the same quarter last year to $1.23, 15 cents below analyst
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