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When FedEx Corp. (NYSE: FDX) reported its fiscal second-quarter financial results after the markets closed on Tuesday, the company said that it had $2.80 in earnings per share (EPS) and $14.93 billion in revenue. The consensus estimates had called for EPS of $2.91 and $14.88 billion in revenue. The same period of last year reportedly had $2.51 in EPS and revenue of $12.65 billion.

During this quarter, operating income rose from last year, primarily due to the inclusion of TNT Express and increased base rates and ongoing cost efficiencies at FedEx Express. These factors were partially offset by the TNT Express integration and restructuring program costs and intangible asset amortization, as well as lower operating income at FedEx Ground and FedEx Freight.

In terms of guidance for the fiscal year, EPS is expected to be in the range of $11.85 to $12.35. The consensus estimates are $12.15 in EPS and $59.98 billion in revenue for the fiscal full year.

The company reported its business segments as follows:

• FedEx Express had revenues of $6.74 billion with an operating margin of $9.4%.
• TNT Express had revenues of $1.90 billion with an operating margin of 3.7%.
• FedEx Ground had revenues of $4.42 billion with an operating margin of 10.5%.
• FedEx Freight had revenues of $1.60 billion with an operating margin of 5.5%.

The FedEx board of directors approved the elections of Donald F. Colleran as executive vice president and chief sales officer, and Rajesh Subramaniam as executive vice president and chief marketing and communications officer, effective January 1, 2017.

Frederick W. Smith, chairman, president and CEO of FedEx, commented:

FedEx increased revenues and operating income despite continued low growth rates in the global economy. We are in the home stretch of our peak shipping season, and our service levels are high, thanks to the outstanding efforts of our hundreds of thousands of team members around the world. The integration of TNT Express into our broad portfolio of global business solutions is proceeding smoothly and according to plan.

Shares of FedEx closed Tuesday at $198.74, with a consensus analyst price target of $206.10 and a 52-week trading range of $119.71 to $201.57. The stock was down about 2.6% at $193.67 in early trading indications Wednesday.