MEMPHIS (AP) — FedEx's first-quarter profit missed analysts' estimates, and the package-delivery company lowered its fiscal 2016 adjusted earnings forecast.

Shares fell almost 3 percent in Wednesday premarket trading.

For the period ended Aug. 31, the Memphis, Tennessee-based company earned $692 million, or $2.42 per share. A year earlier it earned $653 million, or $2.26 per share.

The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $2.44 per share.

Revenue increased to $12.3 billion from $11.7 billion, topping Wall Street's forecast. Six analysts surveyed by Zacks expected $12.23 billion.

Revenue for the company's ground division climbed 29 percent.

FedEx now anticipates fiscal 2016 adjusted earnings between $10.40 and $10.90 per share. Its prior guidance was for $10.60 to $11.10 per share.

Analysts surveyed by FactSet predict $10.84 per share.

Executive Vice President and Chief Financial Officer Alan B. Graf Jr. said in a written statement that the revised outlook was due mostly to weaker less than truckload industry demand, higher than expected self-insurance reserves and operating costs at FedEx Ground.

The announcement of its financial results and lowered guidance comes one day after FedEx Corp. said that it will raise a number of shipping rates in January, and will increase the surcharge on very large packages starting in November. Some fuel surcharges will also be updated on Nov. 2.

FedEx shares fell $4.50, or 2.9 percent, to $149.60 in premarket trading about 90 minutes before the market open.