FedEx (NYSE:FDX) shares dropped more than 10% intra-day today following the release of its fiscal second-quarter results, which fell short of analyst expectations.

The company reported earnings per share (EPS) of $3.99 for the quarter, below the consensus estimate of $4.19. Its revenue was $22.2 billion, slightly lower than the anticipated $22.37 billion. FedEx attributed these softer results to challenges in its Express segment.

Despite the lower revenue, CEO Raj Subramaniam highlighted FedEx’s achievement of two consecutive quarters of operating income growth and margin expansion, which they see as evidence of progress in the company’s transformation amidst a volatile demand landscape.

Looking ahead to fiscal 2024, FedEx now anticipates a low-single-digit percentage decrease in year-over-year revenue, a revision from its previous expectation of roughly flat revenue growth.

The forecast for 2024 EPS is set between $17.00 and $18.50, compared to the market consensus of $18.25.

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