FedEx reported net income of $420 million for its fiscal third quarter ended Feb. 28, down 2% from $428 million earned in the year-ago quarter, on a 7% rise in revenue to $8.59 billion. Chairman, President and CEO Frederick Smith attributed the profit fall to the US economy growing "at a lower rate than we expected." Executive VP and CFO Alan Graf warned, "FedEx earnings growth in our upcoming fiscal 2008. . .may be below our long-term earnings target [of 10-15% per share annual growth] due ...

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