BUSINESS

FedEx fiscal 3rd-qtr profit more than doubles on higher prices volume at trucking units

03/22/2012 08:00 EDT | Updated 05/22/2012 05:12 EDT
NEW YORK, N.Y. - FedEx says its profit from December through February more than doubled on higher package volume and prices at its ground and freight segments.

In its fiscal third quarter, the world's second-largest package delivery company earned $521 million or $1.65 per share, compared with $231 million, or 73 cents per share, a year earlier. Excluding one-time items, FedEx earned $1.55 per share compared with 81 cents per share a year ago. The results beat both analysts' and the company's own expectations.

Revenue rose 9 per cent to $10.56 billion.

FedEx Corp. is narrowing its forecast for the fiscal year ending in May. It now expects to earn $6.43 to $6.68 per share compared with between $6.25 and $6.75 per share previously. Analysts, on average, predict $6.39.