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 said its newly streamlined air cargo network helped it adjust to tariff-induced demand fluctuations and make a profit during its latest quarter.