FedEx has lowered its full-year outlook, expecting low-single-digit-percent revenue growth year over year, down from its previous projection of a low-to-mid-single-digit increase. It expects earnings per diluted share to range from $17.90 to $18.90, compared to the earlier forecast of $18.25 to $20.25.

FedEx reported revenue of $21.6 billion and adjusted earnings of $3.60 per share, well below our estimates of $22.1 billion, and $4.90, respectively.

The package-delivery giant said reduced demand for priority services and higher operating costs weighed on results.