Sept 18 (Reuters) - FedEx ( FDX ) reported a higher

quarterly profit but forecast 2026 earnings per share largely

below analysts' estimates, as it anticipates a hit from the U.S.

decision to end tariff exemptions on low value

direct-to-consumer shipments.

Shares of the company were up about 6% in extended trading

on Thursday.

The U.S. administration on May 2 ended the century-old "de

minimis" exemptions, which allowed shipments valued under $800

to enter duty free, for packages from China and Hong Kong.

Those shipments accounted for about three-quarters of

roughly 1.4 billion packages that entered the United States each

year under the program.

The U.S. extended the removal of "de minimis" exemptions to

all countries on August 29. The impact from this is expected to

show up in FedEx's ( FDX ) results over the coming quarters.

The Memphis-based package delivery company said it expects

full-year adjusted earnings in the range of $17.20 to $19.00 per

share, mid-point of which is marginally below analysts'

estimates of $18.21, according to data compiled by LSEG.

FedEx ( FDX ) reported an adjusted profit of $0.91 billion, or $3.83

per share, for the first quarter ended August 31, up from $0.89

billion, or $3.60 per share a year earlier.

The company since 2023 has worked to slash billions of

dollars in operating costs by parking planes, closing facilities

and merging units. It has a $1 billion cost-savings plan for

fiscal year ended May 2026.

It reported first-quarter revenue of $22.2 billion, up from

$21.6 billion, a year earlier.

(Reporting by Lisa Baertlein in Los Angeles and Abhinav Parmar

in Bengaluru; Editing by Shinjini Ganguli)