Shares of FedEx Corp. fell after hours on Tuesday after the package deliverer offered up a full-year profit forecast that fell short of expectations, as Wall Street zeroes in on the company’s efforts to cut billions in costs over its next two fiscal years following a drop-off in consumer demand.
Adjusted for goodwill, efforts to lean down the business and a legal issue within FedEx’s FDX ground delivery operations, FedEx earned $4.94 a share, compared with $6.87 a year ago. For the fiscal year ahead, which ends next May, FedEx forecast “flat to low-single-digit-percent” growth in sales, with earnings per share of $16.50 to $18.50. The company said it expected permanent reductions from its cost-cutting program — which it calls “DRIVE” — of $1.8 billion.
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