FedEx Corp. set a goal to boost profit by $1.7 billion within three years, primarily by cutting costs, as customers shift to slower and cheaper deliveries from overnight shipments.
Chief executive officer Fred Smith gave that target Tuesday in a speech to analysts and investors in Memphis, Tennessee. The shares climbed in early trading as the company began outlining details, which include fewer flight hours and retiring almost 5,000 older vehicles, in a meeting.
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