FedEx reported fourth quarter earnings on Wednesday morning, missing on the top and bottom lines.
The global freight and shipping company reported adjusted earnings per share of $US2.66, lower than estimates for $US2.69, according to Bloomberg.
Sales came in at $US12.1 billion, compared to the forecast for $US12.30 billion.
For the full year 2016, FedEx expects adjusted earnings of between $US10.60 and $US11.10 per diluted share, compared to the consensus expectation for guidance between $US10.50 and $US11.73.
Its outlook also “assumes continued moderate economic growth.”
CEO Frederick W. Smith said in the statement: “Fiscal 2015 was a transformative year for FedEx with outstanding financial results driving expanded long-term value for share owners. Significant acquisitions announced in the year promise to strengthen our portfolio of services and change what’s possible for customers. I am very proud of the FedEx team for its accomplishments and look forward to a successful fiscal 2016.”
The company announced it is raising the mandatory retirement age for directors to 75 from 72.
FedEx shares fell more than 1% in premarket trading. The stock is up 30% over the past 12 months.
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