FedEx Corp. (FDX) did its part to please Wall Street.
The Memphis, Tenn.-based company reported net income of $1.13 billion, or $4.15 on a per-share basis. Adjusted earnings of $5.91 per share beat analysts' expectations of $5.70. Revenue of $17.3 billion came out slightly ahead of estimates calling for $17.22 billion, according to FactSet Research Systems.
The fourth-quarter results include a $255 million tax benefit, or 94 cents per share, from the ongoing integration of FedEx Express and TNT Express as well as a benefit of $133 million, or 49 cents per share, from "foreign tax credits associated with distributions to the U.S. from the company's offshore operations," the company said.
For the full year, the package shipping giant reported adjusted earnings of $15.31 on revenue of $65.5 billion, topping estimates.
FedEx expects 2019 adjusted earnings between $17 and $17.60 per share, and is targeting revenue growth of 9% along with capital spending of $5.6 billion.
Shares of FedEx rose 0.2% to $259.00 in after-hours trading. The stock closed at $258.39, down about 2%, as fears of a trade war between the U.S. and China prompted a market selloff.
FedEx Chief Executive Frederick Smith addressed the worries over trade during a conference call with analysts, saying that he is concerned about threats that manage the free flow of goods among countries.
"Trade is a two-way street, and FedEx support lowering trade barriers, not raising them," Smith concluded.