FedEx Corp. (NYSE: FDX) is up a creek without a paddle.

The second-largest delivery company reported today a net loss of $241 million, or 78 cents per share, compared with net income of $610 million, or $1.96 per share, a year earlier. Excluding an $891 million charge for its Kinko's unit, profit would have been $1.45 per share, missing the $1.47 estimate of analysts surveyed by Bloomberg News.

Wall Street, though, gave a thumbs down to FedEx's lackluster guidance which heightened concerns about the health of the overall economy. Shares of FedEx and its rival United Parcel Service Inc. (NYSE: UPS) slumped in early trading.

Over the past few years, private equity funds have purchased many brick-and-mortar companies. But there's a problem: soaring energy prices.

Just look at Jevic Transportation, which has filed for bankruptcy. The trucking company was bought out by Sun Capital in July 2006.

Actually, the shut-down was not just the result of high fuel costs. Other problems included tough credit markets and increased insurance costs. Oh, and the slowing economy didn't help.

Unfortunately, Jevic had to lay off about 90% of its 1,500 employees (of which 1,000 were from Burlington County, New Jersey). The company got its start 27 years ago from a husband-and-wife team, Harry and Karen Muhlschlegel.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.