MEMPHIS: FedEx’s first-quarter profit missed analysts’ estimates, and the package-delivery company lowered its fiscal 2016 adjusted earnings forecast. Shares fell almost three per cent in Wednesday premarket trading.

For the period ended August 31, the Memphis, Tennessee-based company earned $692 million, or $2.42 per share. A year earlier it earned $653 million, or $2.26 per share.

The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $2.44 per share. Revenue increased to $12.3 billion from $11.7 billion.