FedEx fiscal performance was worse than expected

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FedEx Express Delivery Corporation reported a net profit decline in the quarter that ended in late February to $739 million from $2 billion 70 million in the same quarter of the previous fiscal year. A year earlier, net income included a one-time income recorded through tax reform in the United States. Profit factor excluding one-time factors fell to 3 dollars 3 cents per share from 3 dollars 72 cents per share for the same period of the previous year. Economists had expected the figure to be 3 dollars 11 cents per share. Revenues amounted to 17 billion dollars, an increase of 3%. Due to weak quarterly performance, FedEx lowered its earnings forecast for this fiscal year. Now, it expects an annual figure ranging from 11 dollars 95 cents to 13 dollars 10 cents per share.

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