FedEx Corp., operator of the world’s largest cargo airline, projected its first decline in quarterly earnings in almost three years as slowing economic growth hurt demand for the express packages that provide most of its sales.
A slump in Europe and slowing growth in Asia may have exposed a weakness of FedEx’s express business, which was built around customers willing to pay more for speed of delivery, said analysts from Sanford C. Bernstein & Co. and Raymond James & Associates Inc.
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