Tag: FedEx

Government reports that the U.S. economy grew by 2% in the first quarter of this year are misleading because 1.75% of that growth came from lower imports, according to Frederick Smith, chairman and chief executive of Federal Express Corp. Speaking at the Global Transport and Logistics Conference sponsored by Bear Stearns, Smith predicted that the gross domestic product figure would be revised downward. Smith attributed the downturn in FedEx volumes thus far to a slowdown in high tech, which accounts for a major share of FedEx’s business.

Citing “deteriorating economic conditions,” FedEx Corp. on Monday warned for the second time in five weeks that its earnings for its fiscal fourth quarter will fall below earlier forecast.