Investing.com - Global shipping giant FedEx reported lower-than-expected fiscal second quarter earnings and revenue figures early Wednesday, sending its shares lower in pre-market trade.
Earlier in the day, in its second quarter earnings report, FedEx said earnings per share came in at USD1.57, below expectations for earnings of USD1.64 per share.
The company’s second quarter revenue totaled USD11.4 billion, slightly missing forecasts for revenue of USD11.5 billion.
During the second quarter, the company repurchased 7.2 million shares of FedEx common stock, increasing the fiscal 2014 year-to-date purchase total to 10.0 million shares.
FedEx said it now expects full-year adjusted earnings growth of 8% to 14%, an increase from previous growth estimates of 7% to 13%.
Following the release of the report, shares in FedEx declined 1.2% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets remained modestly higher. The Dow Jones Industrial Average futures indicated a gain of 0.2% at the open, S&P 500 futures pointed to an increase of 0.2%, while the Nasdaq 100 futures indicated a rise of 0.15%.
Earlier in the day, in its second quarter earnings report, FedEx said earnings per share came in at USD1.57, below expectations for earnings of USD1.64 per share.
The company’s second quarter revenue totaled USD11.4 billion, slightly missing forecasts for revenue of USD11.5 billion.
During the second quarter, the company repurchased 7.2 million shares of FedEx common stock, increasing the fiscal 2014 year-to-date purchase total to 10.0 million shares.
FedEx said it now expects full-year adjusted earnings growth of 8% to 14%, an increase from previous growth estimates of 7% to 13%.
Following the release of the report, shares in FedEx declined 1.2% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets remained modestly higher. The Dow Jones Industrial Average futures indicated a gain of 0.2% at the open, S&P 500 futures pointed to an increase of 0.2%, while the Nasdaq 100 futures indicated a rise of 0.15%.