FedEx Corp, the world's largest air-express carrier, on Wednesday posted a 33 percent increase in quarterly profit and raised its full-year forecast on growth in the US and Asian markets, sending shares up 2 percent.
Net income rose to $471 million, or $1.53 a share, in the second quarter ended on November 30, compared with $354 million, or $1.15 a share, a year earlier.
Analysts on average had expected $1.40 a share, according to Reuters Estimates.
Revenue rose 10 percent to $8.09 billion, topping the $8.04 billion that Wall Street had expected.
Tim Ghriskey, president of Solaris Asset Management, said the results indicated that sales for the holiday season would be strong.
For the third quarter, FedEx forecast earnings of $1.15 to $1.30 a share, compared with analysts' average estimates of $1.23.
The Memphis, Tennessee-based company raised its profit outlook for the fiscal year ending in May to between $5.45 and $5.70 a share from a previous range of $5.25 to $5.50. Excluding a charge for lease accounting, the company expects to earn $5.60 to $5.85 a share, compared with Wall Street's expectations of $5.47.
Comments
Comments are closed.