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– FedEx (NYSE:FDX) trades lower after pointing to costs from a constrained labor market in FQ1 and setting profit guidance below expectations.

– Operating income fell to $1.49B during the quarter vs. $1.64B a year ago and the company reported an operating margin rate of 6.8% vs. 8.2% a year ago and 8.5% consensus.

– Digging into the quarter, the company says operating results in the FedEx Ground segment declined primarily due to higher labor costs and network inefficiencies due to inadequate staffing, which negatively affected year-over-year results by an estimated $320M…

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FedEx down 4.3% in after-hour trade, UPS down 2.3%

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