FedEx on Tuesday topped its twice-lowered expectations for quarterly earnings and cautioned that a slower global economy and trade uncertainty will continue to drag on its business in the next year.
The logistics company, considered an economic bellwether, had already cut its outlook for the year ended May 2019 in the previous two quarters, hampered by a slowdown in China and weaker trade globally.
And its current fiscal year, ending May 2020, macroeconomic weakness, trade uncertainty and a “strategic decision to not renew a customer contract” will knock the company’s results further, FedEx said.
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