updated 3/19/2009 8:23:18 AM ET 2009-03-19T12:23:18

FedEx says its fiscal third-quarter profit tumbled 75 percent as severe weakness in the global economy offset the benefit of lower fuel prices.

The Memphis, Tenn.-based company said Thursday it earned $97 million, or 31 cents per share, compared with $393 million, or $1.26 a year earlier.

Revenue fell 14 percent to $8.14 billion, from $9.44 billion.

Thomson Reuters says analysts expected profit of 46 cents per share on revenue of $8.65 billion.

To further reduce costs, FedEx plans to cut more jobs, reduce some workers’ hours and trim air and truck capacity.

The company expects fourth-quarter earnings of 45 to 75 cents per share, compared with $1.45 a year ago. Analysts forecast 72 cents per share.

© 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 2.79%
$30K home equity loan FICO 5.78%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.57%
13.57%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com