FedEx Corporation (NYSE:FDX) stock was down on Wednesday following the release of its earnings report for its fiscal second quarter of 2017.
FedEx Corporation reported revenue of $14.90 billion during its fiscal second quarter of 2017. This is an increase over the revenue of $12.50 billion that it reported during the same time last year. However, it didn’t reach Wall Street’s revenue estimate of $14.92 billion for the quarter.
Earnings per share reported by FedEx Corporation in its fiscal second quarter of 2017 was $2.80. Earnings per share reported by the delivery company in the fiscal second quarter of 2016 was $2.58. Analysts were expecting earnings per share of $2.90 for the fiscal second quarter of the year.
Operating income reported by FedEx Corporation for its fiscal second quarter of 2017 was $1.23 billion. Operating income from the same time last year was $1.20 billion. Net income for the quarter was $757 million. The company’s net income from the same time in the year prior was $729 million.
FedEx Corporation notes that the inclusion of TNT Express, higher base rates and cost saving efforts helped its operating income rise during the fiscal second quarter of 2017. However, it notes this was partially offset by the integration and restructuring of TNT Express.
FedEx Corporation also says that the sale of an investment gave it an 8-cent benefit to its earnings per share for the fiscal second quarter of 2017. It also points out that a new accounting standard in connection to share-based payment transactions gave it an additional 7-cent benefit to earnings per share during the quarter.
FDX stock was down 2% as of Wednesday morning.
