FedEx Express cost reduction starts to show results

FedEx Corp. said fiscal second- quarter profit rose 14 percent as the operator of the world’s largest cargo airline began seeing initial results from a $1.7 billion, three-year cost reduction plan. Earnings on that basis fell short of the $1.65 average of analysts’ estimates compiled by Bloomberg, partly because of a reduced operating margin at its FedEx Ground unit. Improved international …

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