FedEx Corp. slid in early trading after the operator of the world?s largest cargo airline posted a fourth-quarter profit that trailed analysts? estimates.
Earnings excluding one-time items were $753 million, or $2.66 a share, short of the $2.69 average estimate in a Bloomberg survey. Sales of $12.1 billion also missed the $12.3 billion analysts expected, on lower fuel surcharges and unfavorable currency issues at FedEx Express.
Directors raised the mandatory retirement age for board members to age 75 from 72, a step that would allow Chairman and Chief Executive Officer Fred Smith to stay on longer if he chooses. Smith, FedEx?s founder, turns 71 in August.
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