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FedEx falls after missing on earnings and revenue

The company said it expects fourth-quarter earnings per share between $4.58 and $5.38, compared to the estimated $5.39.

“Slowing international macroeconomic conditions and weaker global trade growth trends continue, as seen in the year-over-year decline in our FedEx Express international revenue,” said Alan B. Graf, Jr., FedEx executive vice president and chief financial officer.

CEO Federick W. Smith acknowledged that the third-quarter results were “below our expectations” and said the company is focused on ways to improve its performance in the future.

“Our investments in innovation, network infrastructure and automation will increase our competitiveness and drive long-term earnings growth,” Smith said. “FedEx built and operates the preeminent global parcel and logistics network, and we have a lengthy track record of success.”

UPS shares also fell about 1 percent after hours.

This is a developing story. Check back for updates.

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