FedEx Corp increases earnings outlook

FedEx Corp upgraded (26-Jul-2010) its profit forecast for the 1QFY2011 ending 31-Aug-2010 from between USD0.85 and USD1.05 per diluted share to between USD1.05 and USD1.25 per diluted share. For FY2011, the company expects USD4.60 to USD5.20 per diluted share, up from USD4.40 to USD5.00, reflecting current market outlook for fuel prices and a continued moderate recovery in the global economy. FedEx is scheduled to report its full 1QFY2011 financial highlights on 16-Sep-2010. [more]

FedEx Corp: "Our revenue and earnings growth are exceeding original expectations, primarily due to better-than-expected growth in FedEx Express and FedEx Ground volumes. Our package volume growth rates in our first quarter are continuing at a pace similar to our fourth quarter. Of particular benefit to our earnings is the continued strong demand for our higher-margin FedEx International Priority (IP) package and freight services, with IP package volumes expected to grow more than 20% again this quarter," Alan Graf Jr, Executive Vice President and CFO. Source: FedEx Corp, 26-Jul-2010.