FedEx Profit Beats Forecast in Economic ‘Up Arrow’ - Bloomberg
FedEx Corp. said its fiscal second- quarter profit exceeded its forecast as international and ground shipments rose, bolstering economists’ assessments that a global recovery is under way.
Earnings will be $1.10 a share for the period that ended in November, FedEx said late yesterday. The shares rose $2.25, or 2.6 percent, to $89.77 at 10:21 a.m. in New York Stock Exchange composite trading after reaching $90.50, the highest intraday since September 2008.
Investors’ reaction underscored Memphis, Tennessee-based FedEx’s role as an economic bellwether. The world’s largest cargo airline flies goods ranging from industrial parts to electronic equipment to financial documents, making its business a proxy for domestic and overseas commerce.
FedEx Corp. said its fiscal second- quarter profit exceeded its forecast as international and ground shipments rose, bolstering economists’ assessments that a global recovery is under way.
Earnings will be $1.10 a share for the period that ended in November, FedEx said late yesterday. The shares rose $2.25, or 2.6 percent, to $89.77 at 10:21 a.m. in New York Stock Exchange composite trading after reaching $90.50, the highest intraday since September 2008.
Investors’ reaction underscored Memphis, Tennessee-based FedEx’s role as an economic bellwether. The world’s largest cargo airline flies goods ranging from industrial parts to electronic equipment to financial documents, making its business a proxy for domestic and overseas commerce.
