By Yasin Ebrahim
Investing.com — FedEx reported Thursday fiscal first-quarter results showing a beat on earnings, but a miss on revenue just a week after the shipping giant warned that slowing global growth will dent shipping volumes.
FedEx Corporation (NYSE:FDX) shares rose 2% following the report.
FedEx announced earnings per share of $3.44 on revenue of $23.2 billion. Analysts polled by Investing.com anticipated EPS of $2.80 on revenue of $23.78 billion.
Most of the bad news appeared to have been priced into the stock following a tumble last week when the shipping giant delivered a profit warning.
“First quarter consolidated operating results were adversely impacted by global volume softness that accelerated in the final weeks of the quarter due to weakening economic conditions,” the company said. The results were also negatively affected by “service challenges at FedEx Express,” it added.
Looking ahead, the company forecasts second-quarter earnings of $2.65 per share on revenue of $23.5 billion.