FedEx (NYSE:FDX) posted earnings today that met analyst forecasts, but cut its full-year expectations. Profits rose to $464 million, or $1.46 per share, in FedEx’s fiscal first quarter, from $380 million, or $1.20 per share, last year. Revenue rose 11%, to $10.52 billion, ahead of analyst expectations.
But the shipping giant said it now anticipates $6.25 to $6.75 in earnings per share for its full fiscal year, compared to a prior forecast of $6.35 to $6.85 per share. Company officials said that the economy grew at a slower rate than anticipated during the quarter, and the company is lowering its forecast to reflect current business conditions.
FedEx shares are trading down nearly 8.7% Thursday afternoon.
The iShares Dow Jones Transportation Average Index fund (AMEX:IYT) is trading down over 2.7% Thursday, which trades on the backs of FedEx, UPS (NYSE:UPS), Union Pacific (NYSE:UNP), C.H. Robinson (NASDAQ:CHRW), and Norfolk Southern (NYSE:NSC).
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