Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023.
Net income, adjusted for special items, dropped to $3.44 per share in the most recent quarter from $4.37 per share in the year-ago period. Meanwhile, unadjusted profit declined to $875 million or $3.33 per share from $1.11 billion or $4.09 per share a year earlier.
Total revenues increased 5% year-over-year to $23.2 billion during the three-month period. The results were adversely impacted by global volume softness that accelerated in the final weeks of the quarter due to weakening economic conditions.
“As our team continues to work aggressively to address near-term headwinds, we’re meaningfully strengthening our business and customer experience, including delivering an outstanding peak,” said FedEx’s CEO Raj Subramaniam.
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