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FedEx quarterly profit falls 14%

FedEx quarterly profit falls 14%
FILE PHOTO: A FedEx truck is driven through downtown in Los Angeles, California, U.S., July 22, 2019. REUTERS/Mike Blake -
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(Reuters) – FedEx Corp <FDX.N> reported a 14.3% drop in first-quarter profit on Tuesday, as the U.S. package delivery company grapples with a slowing economy and the U.S.-China tariff war.

The company’s shares were down nearly 7% in after-market trading.

Adjusted net income fell to $800 million, or $3.05 per share, in the quarter ended Aug. 31, from $933 million, or $3.46 per share, a year earlier.

Revenue was flat at $17.05 billion.

(Reporting by Sanjana Shivdas in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Shounak Dasgupta)

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