FedEx Corp. on Tuesday forecast a fiscal first-quarter per-share profit that came in shy of Wall Street’s expectations, sending shares of the package-delivery giant lower in after-hours trade.

"U.S. manufacturing is still dealing with supply chain and recession worries, global trade isn't moving much, and while FedEx is managing costs well, demand just isn't picking up yet," Schulman added. FedEx shares trade at 11.63 times their projected 12-month forward earnings, compared to UPS's 13.40.

FedEx Corp. warned that its profit would be worse than expected this quarter and declined to offer guidance for the rest of the year, underscoring the significant impact that President Donald Trump’s trade war continues to have on its business.