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News Summary: FedEx 4Q profit drops 45 percent

The Associated Press

DELIVERING LESS PROFIT: FedEx Corp. posted net income of $303 million for its fiscal fourth quarter, which ended May 31 — down 45 percent from a year earlier.

BETTER THAN EXPECTATIONS: The company's adjusted profit, which excludes restructuring charges, was $2.13 per share, beating Wall Street's forecast of $1.96 per share.

PRIORITY PROBLEM: FedEx still sees weakness in priority international air shipments, as customers continue to shift to cheaper but slower delivery options.