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FedEx misses Street 1Q forecasts

FedEx misses Street 1Q forecasts

MEMPHIS, Tenn. (AP) _ FedEx Corp. (FDX) on Tuesday reported fiscal first-quarter profit of $596 million.

The Memphis, Tennessee-based company said it had profit of $2.19 per share. Earnings, adjusted for non-recurring costs, came to $2.51 per share.

The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $3.17 per share.

The package delivery company posted revenue of $15.3 billion in the period, which also fell short of Street forecasts. Eight analysts surveyed by Zacks expected $15.37 billion.

FedEx expects full-year earnings in the range of $12 to $12.80 per share.

FedEx shares have increased 16 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 12 percent. In the final minutes of trading on Tuesday, shares hit $216, a climb of 34 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FDX at https://www.zacks.com/ap/FDX

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Keywords: FedEx, Earnings Report