MEMPHIS, Tenn. (AP) _ FedEx Corp. (FDX) on Tuesday reported fiscal third-quarter profit of $315 million.
On a per-share basis, the Memphis, Tennessee-based company said it had profit of $1.20. Earnings, adjusted for non-recurring costs, were $1.41 per share.
The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.49 per share.
The package delivery company posted revenue of $17.49 billion in the period, which topped Street forecasts. Seven analysts surveyed by Zacks expected $17.07 billion.
FedEx shares have fallen 37% since the beginning of the year, while the Standard & Poor's 500 index has decreased 22%. In the final minutes of trading on Tuesday, shares hit $94.56, a decrease of 48% in the last 12 months.