The firms comprise a duopoly in the domestic shipping industry.
FedEx's express unit, its biggest source of revenue, has also been hit by overcapacity in the industry that has squeezed margins. Operating income in the express unit fell 66 per cent.
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FedEx said the express unit underperformed due to weakness in Asia and other international markets, where margin pressures arising from excess capacity more than offset increased volumes.
Story continues below advertisement "We have a yield issue that exaggerated itself this quarter over last quarter," Dave Bronczek, CEO of FedEx Express, said on a conference call with analysts. FedEx plans to cut express capacity to and from Asia from April 1 and is looking at reducing its fleet by retiring more of its older, less-efficient aircraft.
The actions, along with cost cuts, will help the express unit perform better in the fourth quarter, Bronczek said.
Story continues below advertisement Story continues below advertisement Rival United Parcel Service Inc in January forecast weaker-than-expected profit, citing an uneven global economy. FedEx said a number of its executives accepted voluntary buyouts in early February, and that it had notified thousands more of their eligibility for buyouts.
Tickers mentioned in this story Data Update.FedEx Express has a plan to improve profitability and secure the long-term viability of our business in the years to come.
We will do this by focusing on the things we do best and the areas of our business with the greatest growth potential.
It has outperformed by % the S&P Farmers & Merchants Investments Inc increased its stake in Fedex Corp (FDX) by % based on its latest Q4 regulatory filing with the SEC.
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