MEMPHIS, Tenn. – FedEx Corp. (FDX) said Wednesday that its first-quarter earnings more than doubled, helped by a strengthening worldwide economy and expansion of its international express and ground shipping businesses.
For the three months ending Aug. 31, the company earned $330 million, or $1.08 per share, compared with 42 cents per share, or $128 million, at the same time a year ago. Excluding costs of a business realignment and one-time tax benefit, earnings last year were 61 cents a share.
The results matched Wall Street expectations and were on the high end of company projections.
First-quarter revenues were $6.98 billion — an increase of 23 percent from $5.69 billion.
"Our strong earnings performance reflects an increased demand for our broad portfolio of services, successful execution of our cross-selling strategy and the expanding global economy," Frederick W. Smith, chairman and chief executive officer, said in a statement.
Revenues included $490 million from FedEx Kinko's which the company formed last year after buying the Kinko's (search) copy shop chain.
In trading Wednesday, FedEx shares were down $2.16 at $86.53 on the New York Stock Exchange (search) — slightly off its high for the year of $88.90, but well above the $63.70 low.