FedEx is offering a tepid outlook for the third quarter after it reported second quarter results that fell 30 percent from a year ago.

Although the package delivery company expects a modest economic recovery, FedEx predicts earnings per share of 50 to 70 cents per share in the third quarter, well under analysts' expectations.

FedEx shares fell 3 percent in premarket trading.

FedEx Corp. said Thursday it earned $345 million, or $1.10 per share, compared with $493 million, or $1.58 per share a year earlier.

Revenue fell 10 percent to nearly $8.6 billion.

Thomson Reuters says analysts expected profit of $1.06 per share on revenue of $8.46 billion.