FedEx 4Q profit rises on growth in ground shipping
FedEx revenue rose 3.5 percent to $11.84 billion. Analysts expected $11.66 billion, according to FactSet.
The Associated Press
FedEx Corp. says its quarterly profit rose as growth in online shopping gave its ground-shipping business a lift.
The earnings of $2.46 per share beat Wall Street's forecast by a dime. Revenue also topped expectations.
The package-delivery company said Wednesday that it earned $730 million in its fiscal fourth quarter, which ended May 31, compared with $303 million a year ago, when write-downs weighed on the results.
Revenue rose 3.5 percent to $11.84 billion. Analysts expected $11.66 billion, according to FactSet.
Revenue in the ground-shipping business grew 8 percent, helped by gains in e-commerce. That helped offset slower growth in FedEx Express, which accounts for more than half the company's revenue.
Its shares rose 4 percent in premarket dealings.
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