FedEx Corp.’s fourth-quarter profit fell 45 percent.
FedEx said 3,600 employees will take voluntary buyouts, and nearly half of them have already left. The company is also retiring older airplanes. Excluding charges related to those moves, FedEx’s results still beat Wall Street expectations. But the company’s profit forecast for the next 12 months was less than analysts predicted.
FedEx executives said that their ground-services business remained strong and margins improved in the freight business. The Memphis, Tenn.-based company’s big FedEx Express division has been dealing with a shift among customers away from priority international air shipments to cheaper but slower options.