FedEx profit falls 31 pct on air freight weakness

March 20 Wed Mar 20, 2013 7:38am EDT

March 20 (Reuters) - FedEx Corp reported a 31 percent drop in quarterly profit due to restructuring costs and weakness in its air freight express business.

The No. 2 U.S. package-delivery company said net income fell to $361 million, or $1.13 per share, in the third quarter, from $521 million, or $1.65 per share, a year earlier.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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