FedEx posted mixed results in its fiscal second quarter ended Nov 30. Profit fell 17% from a year ago and revenue slipped 1%. Cost cuts helped the bottom line, while weak demand—total package shipping volume fell about 1%, put pressure on revenue.

For its fiscal year, FedEx now expects revenue to be flat, compared with a prior forecast for a small percentage increase. It lowered its adjusted earnings outlook to a range of $19 to $20 a share, down from a prior a range of $20 to $21.
Analysts surveyed by Fact-Set had expected adjusted earnings of $19.44 a share on revenue of $88.43 billion, up less than 1% from a year ago.

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