FedEx trims outlook on weak freight demand

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FedEx has cut its full-year earnings forecast just three months into its financial year. It blamed fewer packages in the LTL business owing to weak industrial demand, and it had excess capacity in its freight division as volumes fell. Meanwhile, FedEx Ground costs are of “concern”. But Fred Smith, president, said the company would have met expectations if it had not increased its self-insurance reserves. “All the rest of the stuff is just noise and various issues inside the operating ...