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December 9, 2008 1:30 PM, EST

FedEx Corp. said late Monday it was cutting its earnings forecast for fiscal year 2009 due to “significantly weaker economic conditions.”

The company lowered its earnings-per-share estimate to $3.50 to $4.75 per share, from a previous $4.75 to $5.25 for the fiscal year that ends May 31.

FedEx said that the ongoing sluggish economy will offset any benefits from lower fuel prices.

FedEx also said its expects earnings of $1.58 a share for its fiscal second quarter, which ended Nov 30, down from a previous forecast of $1.40 to $1.60.

FedEx is ranked No. 2 on the Transport Topics 100 list of U.S. and Canadian for-hire carriers.