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FedEx shares fall after company lowers full-year outlook

  • FedEx lowered its 2018 earnings guidance to account for the impact of a cyberattack.
  • The shipping giant also said that Hurricane Harvey affected its fiscal first-quarter results.

Shares of FedEx fell in extended trading after the company lowered its fiscal 2018 forecast on Tuesday.

The shipping giant said it now expects earnings between $11.05 and $11.85 per share, below its previous projection for earnings between $12 and $12.80 per share.

The company said it adjusted its outlook to account for the impact of the TNT Express cyberattack, which FedEx said "significantly affected" the worldwide operations of the segment.

The stock fell as much as 4 percent in after-hours trading Tuesday. It later recovered some of its losses, but was still trading nearly 2 percent lower than its closing price.

FedEx also said that Hurricane Harvey negatively impacted its fiscal first-quarter results.

The company reported adjusted earnings of $2.51 per share on $15.30 billion in revenue. It was not immediately clear that analyst estimates fully accounted for the impact of the cyberattack.

In the comparable year-ago period, FedEx reported adjusted earnings of $2.82 per share on $14.7 billion in revenue.

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