FedEx Corp. second quarter earnings to exceed guidance

FedEx Corporation (NYSE: FDX) today announced that it expects to report earnings of $1.10 per diluted share for the second quarter ended November 30, down 30% from $1.58 per diluted share a year ago. The company's previous guidance for the quarter was $0.65 to $0.95 per diluted share.

"FedEx will exceed previous earnings guidance in the second quarter primarily due to better-than-expected growth in FedEx International Priority® and FedEx Ground volumes, coupled with the benefits of our continuing cost control programs," said Alan B. Graf Jr., FedEx Corp. executive vice president and chief financial officer. "Year-over-year growth in our U.S. overnight express and FedEx International Priority services increased each month during the quarter, aided by inventory restocking and our successful sales efforts. Demand for our international services has improved significantly since the first quarter, particularly in Asia and Latin America."

FedEx will release the details of its second quarter earnings and update its earnings outlook on December 17, 2009.