FedEx Corp. (FDX) - Get Report shares are down about 1% in early Wednesday, despite its recent earnings results. After growing sales 21% year-over-year, FedEx topped revenue expectations to go along with an earnings per share result that came in early 10% ahead of analysts' expectations.

This wasn't a perfect quarter but it was a very good one, TheStreet's Jim Cramer, manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment Wednesday. He added that, "this company is doing fabulously and I think the idea that it's down is just indicative of sentiment -- not earnings."

After reviewing the conference call, he noted that FedEx is doing well with international expansion. He also pointed to the growing world of e-commerce as a driver for shipping companies like FedEx and UPS (UPS) - Get Report .

"This stock deserves to be higher not lower because they told a great story," he added. Cramer pointed out that the analysts at Deutsche Bank raised their price target to $235. If the overall market starts to rally, FedEx stock deserves to rally too, he reasoned.

"Operating results benefited from higher base rates, increased package volume and the inclusion of TNT Express results. Net income and earnings per share reflect tax benefits of $104 million, or 37 cents a share, related to the implementation of new foreign currency tax regulations, the adoption of a new accounting standard for share-based payments, and certain transactions related to the TNT Express integration," the company said in a press release.

The firm posted adjusted earnings of $1.15 billion, or $4.25 a share, compared to $897 million, or $3.30 a share a year ago. Analysts polled by FactSet expected the company to earn $3.87 a share.

FedEx said that it is unclear what its mark to market accounting for pension adjustments will be, and, "as a result, the company is unable to provide fiscal 2018 earnings guidance on a GAAP basis."

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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.