NEW YORK — FedEx Corp. said Thursday it sees signs of improvement in the global economy as international shipments pick up, but warned its profit will remain weak at least through the end of the year.
The world's second-largest package delivery company, considered a bellwether of economic health, said fiscal 2010 first-quarter earnings fell 53 percent — matching its prediction released last week. It also reiterated a fiscal second-quarter view that implies a modest uptick in worldwide economic activity.
FedEx indicated it might start beefing up schedules for flight crew and hourly personnel as package volume improves, but it doesn't expect that to happen soon. It also doesn't expect to start adding back employees it cut during the worst of the downturn in the near future.
Over the last year, the company has laid off workers and cut wages for thousands of employees to cut costs.
The Memphis, Tenn.-based company reported earnings of $181 million, or 58 cents per share for the quarter ended in August, compared with $384 million, or $1.23 per share, a year ago.
Revenue fell 20 percent to about $8 billion.
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