FedEx Shares Rally As Views Lifted Amid Strong Volume |
| Wall Street Journal - Jul 26, 2010 |
FedEx Corp. (FDX) boosted its earnings predictions for the fiscal first quarter and rest of the year, with the shipping giant saying express and ground volumes have been higher than it anticipated.
Shares jumped 4.7% to $82.70 in recent premarket trading.
The company, like rival UPS Corp. (UPS), has seen quarterly results improve sharply in recent periods and executives at both companies have recently cited moderate but steady economic improvement. The global networks of such companies make them key barometers of international trade flows.
FedEx raised its earnings forecast for the quarter and year by 20 cents a share to $1.05 to $1.25 and $4.40 to $5, respectively. The quarter ends Aug. 31.
Chief Financial Officer Alan Graf said first-quarter package-growth rates are similar to the fourth quarter. He specifically noted "the continued strong demand for our higher-margin FedEx International Priority package and freight services, with IP package volumes expected to grow more than 20% again this quarter."
Read Full Article from Wall Street Journal
- Posted: 2010-07-26 08:51:22
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