Sep 17, 2014 7:47 AM
FedEx tops Street 1Q forecasts
The Associated Press
MEMPHIS, Tenn. (AP) FedEx Corp. (FDX) on Wednesday reported profit of $606 million in its fiscal first quarter.
The Memphis, Tennessee-based company said it had profit of $2.10 per share.
The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.96 per share.
The package delivery company posted revenue of $11.68 billion in the period, which also topped Street forecasts. Analysts expected $11.44 billion, according to Zacks.
FedEx shares have risen nearly 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 8 percent. The stock has risen 41 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. A stock research report on FDX from Zacks is available at: http://www.zacks.com/ap/FDX