Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in third-quarter adjusted earnings, hurt by a 6% dip in revenues. The company also provided guidance for fiscal 2023.

Net income, adjusted for special items, dropped to $3.41 per share in the most recent quarter from $4.59 per share in the year-ago period. Unadjusted profit declined to $771 million or $3.05 per share from $1.11 billion or $4.20 per share a year earlier.

Total revenues decreased 6% year-over-year to $22.2 billion during the three-month period. The results were constrained by continued demand weakness, particularly at FedEx Express.

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“We’ve continued to move with urgency to improve efficiency, and our cost actions are taking hold, driving an improved outlook for the current fiscal year,” said FedEx’s CEO Raj Subramaniam.

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