UPDATE: FedEx Q2 Profit Drops 12%

FedEx

reported a 12% drop in its second-quarter profit on Wednesday. FedEx's quarterly profit declined to $438 million, or $1.39 per share, versus $497 million, or $1.57 per share, in the year-earlier period. Its sales climbed 5% to $11.1 billion. However, analysts were expecting earnings of $1.41 per share on sales of $10.84 billion. FedEx projects Q3 profit of $1.25 to $1.45 per share, versus analysts' estimates of $1.45 per share. FedEx shares gained 1.67% to $93.90 in pre-market trading.