U.S. package delivery company FedEx Corp., whose profit more than doubled in its just-ended first quarter, expects the pace of the economic recovery to slow, its chief executive said on Thursday.

"We expect a phase of somewhat slower economic growth going forward," CEO Fred Smith told analysts on a conference call. "Slower growth is consistent with historic business cycles."

But he said the company remained confident that the global economy would continue to grow after a brutal downturn and added that the company saw "solid" shipping activity heading into the U.S. holiday shopping season.

FedEx earlier on Thursday reported fiscal first-quarter results that came a penny per share below Wall Street's expectations.