“I don’t think what you’re seeing is a long-term shift to ocean from air,” Corridore said. “I think what you’re seeing is the global macroeconomic picture in China, in Europe, in the U.S. is not as strong as earlier was expected.”
Corridore expects this trend to shift back once the economy rebounds.
If the economic outlook does improve, either domestically or globally, Corridore said he thinks the company has a “great deal” of operating leverage to grow its profit margins.
“The stock is still trading well below the low end of its historical range,” he said. “It’s trading below the market. We think this is a bellwether company that has its thumb on the pulse of what’s going on in the economy.”
—By CNBC.com’s Katie Little;Follow Her on Twitter @katie_little
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Brandon Oglenski does not own FedEx shares. S&P Capital IQ and/or one of its affiliates has performed services for and received compensation from FedEx during the past 12 months.