FedEx Corp, the leading logistics services company based in the United States, recorded a fourth-quarter loss and its shares dropped 4.7 percent on rising fuel costs and a weak U.S. economy.

The Memphis, Tennessee-based company reported a loss of $241 million which was mainly caused by the rising fuel costs and also a write down on the FedEx Kinko's unit.

FedEx hasn’t been able to raise its surcharges with the same tempo of the fuel costs’ surge. The fact that the fuel costs nearly doubled over the past year, hit the logistics services company pretty hard.

FedEx’s financial results, considered by many experts a proxy for the U.S. economy, clearly show that fuel expenses corroborated with the declining demand will erode growth prospects in industry over the coming period.

2009 was described by FedEx Chief Financial Officer Alan Graf as “very difficult due to the weak U.S. economy and extremely high fuel prices.”

FedEx’s net loss was of 78 cents a share, compared to the $610 million, or $1.96 profit reported last year over the same quarter. The company’s revenue rose 7.8 percent, to $9.87 billion.

"This is all based on energy prices and it's simply shocking," said Al Meyers, portfolio manager for the AHA Diversified Equity Fund, which owns FedEx shares.

Leaving out the $891 million charge for the Kinko's unit (renamed FedEx Office) the profit was of $1.45 a share.

The company’s forecast for the next year came in below analysts' forecasts. FedEx’s outlook triggered a 5 percent drop in its stock in premarket trading.