FedEx Reports 31 Percent Drop in Profits

Had announced restructuring plan last year

FedEx Corp.'s FDX -0.78% quarterly earnings fell 31% as the global shipping giant was hurt by expenses related to its cost-cutting efforts and continued pressure in its international business that will result in capacity cutbacks in Asia.

For the fiscal year, the company lowered its per-share earnings estimate and now expects between $6 and $6.20 before restructuring-related expenses. In December, it guided for $6.20 to $6.60.