December 17, 2019 / 9:22 PM / a month ago

FedEx cuts 2020 profit forecast after quarterly profit drop

Dec 17 (Reuters) - FedEx Corp on Tuesday issued its second warning on fiscal 2020 profit after quarterly earnings fell sharply on lackluster global trade, higher ground delivery costs and the end of its delivery relationship with Amazon.com Inc, the world’s top online retailer.

Adjusted net income fell almost 39% to $660 million, or $2.51 per share, in the fiscal second quarter ended Aug. 31. Revenue was down 2.8% at $17.3 billion.

In September, FedEx lowered its earnings forecast for the year ended May 31 to $11 to $13 per share. On Tuesday, it cut that again to $10.25 to $11.50 per share. (Reporting by Lisa Baertlein in Culver City, California; Editing by Richard Chang)

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