FedEx Profit Beats Estimates, Orders 27 Jets to Renew Fleet

FedEx Corp. posted a quarterly profit that beat analysts’ estimates and ordered 27 Boeing Co. 767 jet freighters to retire some of the oldest planes at the world’s largest cargo airline.

FedEx rose in early New York trading after the 76 percent increase in earnings for the three months through November. Gains were fueled by “effective yield management” and strong consumer demand in the home delivery and SmartPost programs, Chief Executive Officer Fred Smith said in a statement.

Profit for the three months through November rose to $497 million, or $1.57 a share, from $283 million, or 89 cents, a year earlier, the Memphis, Tennessee-based company said in a statement. That topped the $1.53 average estimate of 22 analysts in a Bloomberg survey.

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- Posted: 2011-12-15 12:15:41

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