MEMPHIS -- Shares of FedEx Corp. rose about 1 percent in late trading Tuesday after the company's latest quarterly profit beat Wall Street expectations on higher rates and an increase in deliveries.
FedEx is being lifted by the growth in online shopping, and executives predicted another season of record pickups and deliveries later this year.
FedEx said it earned $1.02 billion in its fiscal fourth quarter, which ran from March through May, compared with a loss of $70 million a year earlier.
Excluding pension valuations, restructuring costs and other items, the Memphis-based company said it earned $4.25 per share. That handily beat the $3.89 per share average forecast from 10 analysts surveyed by Zacks Investment Research.
Revenue rose 21 percent to $15.73 billion. Analysts had expected $15.56 billion.
FedEx's shares fell $1.50 to $208.95 in regular trading Tuesday before the quarterly results were released. The stock has gained nearly 30 percent in the past year.
Business on 06/21/2017