UPDATE: FedEx Posts Upbeat Q1 Profit, Lowers FY13 Forecast

FedEx (NYSE: FDX) reported a 1% drop in its first-quarter net income and lowered its earnings forecast for fiscal 2013.

FedEx expects Q2 profit of $1.30 to $1.45 per share, versus analysts' estimates of $1.68 per share. For 2013, it now projects earnings of $6.20 to $6.60 per share, versus its prior view of $6.90 to $7.40 per share. However, analysts were expecting FY13 earnings of $6.91 per share.

FedEx's first-quarter net income declined to $459 million. Its earnings per share fell to $1.45 from $1.46.

FedEx's revenue gained 3% to $10.79 billion. However, analysts were expecting earnings of $1.40 per share on revenue of $10.67 billion.

FedEx shares fell 1.70% to $87.76 in pre-market trading.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.