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.
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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.
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“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.
