FEDEX Corp says its latest quarterly profit has risen five per cent from a year ago despite storms that raised the company's costs, but the results were below analysts' expectations.
The company's ground-shipping segment is doing better, but the express-delivery business is flat and customers continue to shift to slower, cheaper services for international shipments.
The package-delivery giant said on Wednesday that net income in the quarter that ended February 28 rose to $US378 million ($A415.50 million), or $US1.23 per share, from $US361 million, or $US1.13 per share, a year ago. Analysts surveyed by FactSet expected $US1.45 per share.
Revenue rose three per cent to $US11.30 billion from $US11 billion, missing Wall Street's forecast of $US11.43 billion.
The weak results drove FedEx to lower its forecast of full-year earnings. However, FedEx expects fiscal fourth-quarter earnings of between $US2.25 and $US2.50 per share, which leaves room to beat analysts' prediction of $US2.34 per share.
FedEx said that weather reduced operating income by $US125 million in the December-to-February third quarter. Snow, ice and freezing temperatures slowed the company's trucks and planes and raised costs for everything from de-icing to overtime. Shipments dropped off during storms because some retail shippers in the East and Midwest closed.
Rival United Parcel Service Co struggled to keep up with peak volumes just before Christmas - traffic was heavier and later in the season than UPS expected.
FedEx Chairman and CEO Fred Smith said that his company handled December loads but will be careful in managing residential e-commerce shipments.
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