, Columnist
FedEx's Disappointments Are Piling Up
Add another gloomy profit forecast to the list.
A blurry outlook.
Photographer: John Taggart/BloombergThis article is for subscribers only.
FedEx Corp. has managed to fall out of a basement window.
Expectations heading into the parcel-delivery company’s fiscal fourth-quarter earnings report on Tuesday were low. In the past six months, the company cut its 2019 outlook twice amid a weakening global trade backdrop; announced a series of puzzling executive departures; became a candidate for inclusion on China’s list of unreliable entities; and dropped Amazon.com Inc. as a customer for its domestic air-delivery unit. And yet FedEx found a way to pile on further, forecasting its first annual decline in adjusted earnings per share in more than five years.