DALLAS – FedEx's quarter profit is down 45 percent from a year ago as customers trade down to less-expensive delivery options and the package delivery company restructures some parts of its business.

FedEx said Wednesday that it earned $303 million in the fourth quarter, down from $550 million a year ago.

Excluding restructuring costs and aircraft write-downs, FedEx's profit would've been $2.13 per share. That's much better than the $1.96 per share that analysts were expecting.

The company says it's still being hurt by weak economic growth and customers choosing lower-rate international services. FedEx Express is cutting capacity between the U.S. and Asia.

President Obama will renew his push for a reduction in the world's nuclear stockpiles during a foreign-policy speech in Berlin Wednesday, according to a senior administration official.

Obama will propose a one-third reduction in U.S. and Russian strategic nuclear warheads, lowering the total number of warheads in each country to between 1,000 and 1,100, the official said.

The potential reductions would be from a current limit of 1,550, the number set in the New START treaty that was ratified by the Senate in December 2010.