World’s most known courier service FedEx Corporation (FDX) yesterday reported its highly influential quarterly results where FQ2 Non-GAAP EPS of $3.18 beat expectations by $0.36 but revenue of $22.8 billion (-3.0% YoY) missed by $920 million. FedEx Express operating income declined a whopping 64% YoY due to lower global volumes, partially offset by an 8% package yield increase.

FDX stock is trading sideways on todays premarket after notching a surprise beat on the bottom line for Q2, but offering light full-year guidance.

The cargo shipment and transportation company posted $3.18 in earnings per share for the fiscal second quarter on $22.8B in revenue. The analyst consensus expectations stood at $2.83 and $23.72B, respectively. Lower global volumes for the Express business was cited as a particular headwind for the company, offsetting some of the cost-saving initiatives pursued by the company.

The company expects to accumulate around $1 billion in cost savings beyond its September dot-plot, now totaling a whopping $3.7 billion in savings. Capital expenditure expectations for the full-year were also reined in to $5.9 billion from $6.3 billion.

On the back of those cost cuts, FedEx now expects earnings per diluted share in the range of $13.00 to $14.00 before several standard deduction costs. Consensus estimate was for $14.12, a figure reeled in significantly in recent months.