FedEx misses on earnings and cuts its outlook

FedEx released its first-quarter financial results on Wednesday morning, and while earnings rose year-over-year, they missed analysts’ expectations.

The company also lowered its forecast for earnings in the fiscal 2016 year.

The global shipping giant reported $US2.42 in adjusted earnings per share, versus the consensus estimate among analysts of $US2.45, according to Bloomberg. Revenues during the quarter totaled $US12.3 billion, and $US12.26 billion was expected.

On Tuesday, the company announced that it is hiking shipping rates 4.9% across the board for a second straight year.

The stock is down 11% year-to-date. It was unchanged just ahead of the earnings release.

More to come …

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