NEW YORK – FedEx Corp. (FDX), the world's largest air-express carrier, on Thursday affirmed its quarterly profit forecast and offered a bullish outlook on the global economy.
FedEx (search) reiterated that it expects profit to range between $1.40 per share to $1.50 per share for the fiscal fourth quarter ending May 31. Analysts on average, have expected a profit of $1.48 per share, according to Reuters Estimates.
"FedEx continues to see steady economic growth across the U.S. and internationally," said Frederick Smith, chairman, president and chief executive officer, in a statement.
"The overall strength of the economy, and in particular the strength in the manufacturing and wholesale sectors, should continue to benefit FedEx going forward."
The statement echoed comments made by rival United Parcel Service Inc. (UPS) on Wednesday. UPS said it saw U.S. volume growth exceeding expectations so far in the second quarter, while international growth remained robust.
The two companies are considered a gauge of economic health and business activity, because they carry products ranging from raw materials to documents.