FedEx misses 1Q net income expectations, tops revenue forecasts

Markets Associated Press

FedEx Corp. (FDX) on Wednesday reported fiscal first-quarter net income of $692 million.

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The Memphis, Tennessee-based company said it had profit of $2.42 per share.

The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $2.44 per share.

The package delivery company posted revenue of $12.28 billion in the period, topping Street forecasts. Six analysts surveyed by Zacks expected $12.23 billion.

FedEx expects full-year earnings in the range of $10.40 to $10.90 per share.

FedEx shares have decreased 11 percent since the beginning of the year, while the Standard & Poor's 500 index has declined almost 4 percent. The stock has declined slightly in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FDX at http://www.zacks.com/ap/FDX

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Keywords: FedEx, Earnings Report