FedEx Q2 Earnings and Sales Miss Expectations

Despite revenue decline, the company sees improved income and margin; shares drop in after-hours trading.

FedEx reported Q2 earnings of $3.99 per share, falling short of the Street's estimate of $4.19.
The company reported quarterly sales of $22.20 billion which missed analyst expectations of $22.39 billion.
Despite the revenue decline, income and margin improved with consolidated operating income growing 9% and adjusted operating income rising 17%.
FedEx reiterated its full-year adjusted earnings forecast, with earnings anticipated to be between $17.00 and $18.50 per share.
Shares of FedEx were down 7.64% at $258.73 in the after-hours session following the announcement.