FedEx on Tuesday signaled caution for the year ahead and forecast current-quarter profit short of market expectations amid volatile global demand, sending shares of the delivery giant down more than 5% after hours.

Even before tariffs were announced, the package-shipping company had been grappling with subdued shipping demand.

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.

Fred Smith is of course a giant in the history of American business. His vision and daring revolutionized global commerce and connected the world in unprecedented ways. But to those who knew him, Fred was something even rarer: a leader whose values ran even deeper than his ambition.

Overseeing a fleet of cargo planes from his headquarters in Memphis, he transformed package delivery by promising overnight shipments.

Founder Fred Smith developed the idea for FedEx while attending Yale, proposing a specific air route system for parcels. It revolutionized shipping.