Initially, investors appeared to give FedEx (FDX) the benefit of the doubt as the company topped consensus revenue forecasts but missed on net income. The company reported adjusted earnings per share (EPS) of $4.59 versus expectations of $4.64. In reality, FedEx missed the quarter by a much wider margin than five cents per share, or 1.07%.

The company’s fiscal third quarter included a $78 million tax benefit that added $0.29 per diluted share. FedEx also executed an accelerated share repurchase (ASR) which immediately retired 6.1 million shares and added $0.06 per diluted share.

If we back out these items— and add back the TNT Express integration costs the company excludes but have routinely recurred since the acquisition six years agos— FedEx earned an adjusted $4.16 per diluted share, missing the consensus forecast by $0.48, or 10.34%.

The miss is even wider if we add back business realignment costs. Though some will certainly disagree, these costs are not unusual. FedEx has excluded business realignment costs from adjusted earnings in five of the last seven quarters. Adding them back results in adjusted EPS of $3.85, a miss of $0.79 per share, or 17.02%.