FedEx: We expect 'continued moderate economic growth.'

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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