By Ben Glickman

FedEx reported higher profit in the fiscal second quarter as weaker demand continued to pressure revenue.

The Memphis, Tenn.-based package-shipping company posted a profit of $900 million, or $3.55 a share, in the quarter ended Nov. 30, compared with $788 million, or $3.07 a share, a year earlier. Analysts polled by FactSet expected per-share earnings of $3.97.

Stripping out certain one-time items, adjusted per-share earnings came to $3.99, below the $4.19 forecast by analysts, according to FactSet.

Revenue fell to $22.2 billion from $22.8 billion a year earlier, missing the $22.36 billion expected by analysts polled by FactSet.

The company has been looking to cut costs as it merges its Ground and Express units.

Chief Executive Raj Subramaniam said the company's results showed "clear evidence of the progress we are making on our transformation as we navigate an uncertain demand environment."

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

December 19, 2023 16:28 ET (21:28 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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