June 19 FedEx Corp posted a bigger than
expected quarterly profit as its ground shipment business did
well, and the company saw benefits from lower jet fuel prices.
FedEx, considered an economic bellwether because of the
massive volume of goods it moves across the world, had net
income of $303 million, or 95 cents a share for its fourth
quarter ended May 31, compared with $550 million or $1.73 a
share a year before.
But excluding business realignment program costs and
aircraft impairment charges, the company earned $679 million, or
$2.13 a share.
Analysts, on average, were expecting the company to earn
$1.96 a share, according to Thomson Reuters I/B/E/S.
Shares of the Memphis, Tennessee-based company closed at
$99.48 Tuesday on the New York Stock Exchange.