FedEx reported better-than-expected quarterly revenue and adjusted profit

FedEx’s fiscal fourth-quarter earnings, which ended May 31, fell 4.5 percent to $1.47 billion from $1.54 billion a year earlier. Earnings per share decreased from $6.05 to $5.94.

Quarterly profit excluding non-recurring items was $5.41 per share, beating the average analyst estimate of $5.34.

FedEx’s quarterly revenue rose to $22.1 billion from $21.9 billion a year earlier, also beating expectations of $22.04 billion.