FedEx tops third quarter profit forecasts

Memphis, Tennessee: FedEx Corp on Wednesday reported fiscal third-quarter profit of $580 million (Dh2.1 billion). The Memphis, Tennessee-based company said it had profit of $2.01 per share. The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.88 per share. The package delivery company posted revenue of $11.72 billion in the period, missing Street forecasts. Eight analysts surveyed by Zacks expected $11.85 billion. FedEx expects full-year earnings to be $8.80 to $8.95 per share. FedEx shares have climbed 1 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased nearly 1 per cent. The stock has risen 28 per cent in the last 12 months.