Fedex cuts 4Q profit forecast, blames fuel costs

The Memphis, Tenn.-based shipping company says it now expects to post a fourth-quarter profit of $1.45 to $1.50 per share, down from its previous prediction of $1.60 to $1.80 per share.

Thomson Financial says analysts expect, on average, a profit of $1.69 per share.

Fedex says its fuel costs have risen by more than 7 percent since it issued its previous guidance in March.

In addition, weak economic conditions have resulted in lower demand for shipping and freight services, the company says.