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FedEx 3Q Profit Surges On Strong Holiday Shipping, Ground Business

DOW JONES NEWSWIRES FedEx Corp.'s (FDX) fiscal third-quarter earnings more than doubled from a year earlier in a period the shipping company said hosted record holiday package shipping. The company's role in transporting everything from holiday gifts to electronics from China makes it a closely watched gauge on the health of the global economy. The ground shipping division has been a strong performer for FedEx in recent quarters, helping to ease the impact of weaker corporate demand for the company's air cargo services, particularly on its routes from Asia. For the quarter ended Feb. 29, FedEx reported a profit of $521 million, up sharply from a year-earlier profit of $231 million. Per-share earnings rose to $1.65 from 73 cents a year ago. Stripping out items like costs tied to the combination of the company's FedEx Freight and FedEx National LTL operations, per-share earnings rose to $1.55 from 81 cents. The company's December forecast called for earnings of $1.25 to $1.45 a share. Revenue rose 9% to $10.56 billion, just shy of the $10.6 billion estimate held by analysts polled by Thomson Reuters. Operating margin widened to 7.7% from 4.1%. The express-shipping business--by far the largest top-line contributor--saw revenue rise 8% to $6.54 billion, helping to drive a 96% improvement in the segment's operating profit. Daily package volume fell 4% in the U.S. and 1% abroad. Meanwhile, the ground-shipping business posted an 14% jump in revenue to $2.48 billion. Operating profit was up 43%. Volume grew 5%, driven by increases in FedEx Home Delivery services as well as the business-to-business market. Pointing to the current quarter, the company forecast earnings of $1.75 to $2 a share, bracketing the $1.98 a share currently expected by analysts polled by Thomson Reuters. Shares closed Wednesday at $95.82 and were unchanged in premarket trade. The stock is up 15% since the start of the year. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Fedex (FDX)
DateTimeHeadline
06/27/201618:20:00U.S. to Hold Talks with U.A.E., Qatar in Airline Dispute
06/22/201603:07:00FedEx to Increase Capital Spending by 6% -- WSJ
06/21/201619:12:00FedEx Plans Spending Increases, Offers Lackluster Outlook...
06/21/201617:52:00FedEx Offers Lackluster Outlook--Update
06/21/201617:30:00FedEx Offers Lackluster Outlook
06/21/201617:13:00FedEx Offers Lackluster Outlook
06/21/201616:23:18Current Report Filing (8-k)
06/21/201616:15:00FedEx Corp. Reports Fourth Quarter Earnings
06/21/201603:02:00Ahead of the Tape: No Memphis Blues for FedEx -- WSJ
06/20/201613:53:00No Memphis Blues for FedEx -- Ahead of the Tape
06/20/201606:02:50Current Report Filing (8-k)
06/20/201603:03:00FedEx Says Pharmacy Charges Dismissed -- WSJ
06/17/201618:37:00FedEx: Justice Department Dismisses Charges Over Online Pharmacy...
06/17/201616:25:00FedEx Announces Successful Conclusion of Internet Pharmacy Case
06/17/201608:10:00Pre-Market Review on Air Delivery & Freight Services Equities...
06/16/201622:20:00FedEx Agrees to $240 Million Settlement With Drivers
06/16/201620:59:00FedEx Agrees to $240 Million Settlement With Drivers in 20 States
06/16/201611:00:00FedEx Express and Orbis International Debut New Flying Eye Hospital...
06/10/201617:02:11Current Report Filing (8-k)
06/08/201617:47:36Statement of Changes in Beneficial Ownership (4)

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