Good day, and welcome to the FedEx fiscal year 2025 first quarter earnings call. All participants are in listen-only mode. [Operator instructions] After today's presentation, there will be an opportunity to ask questions.

FedEx said a weaker industrial economy produced a “challenging” quarter that caused it to trim its outlook for later this year, a sign of possible cooling in the wider economy.

FedEx’s results were dragged down by weaker-than-expected demand, particularly in the U.S. domestic package market.