FedEx Corp. on Tuesday reported its fiscal first-quarter profit fell slightly from a year ago, and the company cut its full-year earnings outlook.
Net income slipped to $459 million, or $1.45 per share, from $464 million, or $1.46, a year ago. Operating income rose 1% to $742 million.
Revenue for the quarter ended Aug. 31 rose to $10.79 billion from $10.52 billion a year ago, FedEx said.
FedEx earlier this month lowered its first-quarter profit forecast to $1.37 to $1.43 per share, from an originally projected $1.45 to $1.60 per share.
The company cut its full-year earnings forecast to a range of $6.20 to $6.60 per share from a previous forecast of $6.90 to $7.40, excluding potential benefits from cost cuts, citing a weak global economy.