FedEx, considered a bellwether for the U.S. economy because of the range of products it moves, cut its full-year profit forecast just three months into the company's new fiscal year.<br />The company cited softer demand for some shipments that crisscross the U.S. by truck and higher costs in its Ground unit.<br />Earnings will be $10.40 to $10.90 per share before some costs, short of the company's previous projection of $10.60 to $11.10.<br />Profit for the quarter ended Aug. 31 was $2.42 a share, FedEx said Wednesday.<br />That trailed the $2.45-a-share average of 25 estimates compiled by Bloomberg.<br />FedEx suffered in its first fiscal quarter as slower manufacturing and reduced global trade weighed on results.
