FILE: A container is unloaded from a FedEx cargo plane at the FedEx hub at Los Angeles International Airport in Los Angeles, Tuesday, Dec. 13, 2011. (AP Photo/Jae C. Hong)
The package delivery company also expects net income for the current quarter ending in November to fall well below last year's quarter. The stock lost about 2 percent.
For the full year, the Memphis, Tenn. company now expects to earn between $6.20 and $6.60 per share, compared with a previous forecast of $6.90 to $7.40 per share.
For the current quarter, FedEx sees earnings of $1.30 to $1.45 per share, compared with $1.57 per share last year. Both predictions are well under analysts' forecasts.
In the three months that ended in August, FedEx Corp. reported earnings of $1.45 per share. That hit the top end of its recently lowered estimate.
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