FedEx Q3 Profit Drops, Plans More Cost Cutting

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FedEx (NYSE: FDX  ) has reported a dip in profit in its fiscal Q3 2013 results. For the quarter, revenue was $11.0 billion, a 4% increase from the $10.6 billion in the same period the previous year. But net income was significantly lower, coming in at $361 million ($1.13 per diluted share), or 31% below Q3 2012's $521 million ($1.55).

Going forward, the company said it anticipates $1.90-$2.10 diluted EPS for Q4, and $6.00-$6.20 for the full year. Those numbers, however, don't include business realignment costs. These bring the figures down to $0.94-$1.34 and $4.91-$5.31, respectively.

FedEx said it's planning additional cost-cutting measures in its key express shipping division. According to the company, there is a persistent trend away from priority shipping, as opposed to the cheaper "economy" variety. 

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