FedEx Profit Soars on Foreign Shipments
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FedEx Corp. said earnings almost quadrupled on rising international air shipments in its second quarter ended Nov. 30. Its shares fell as the profit lagged behind analyst estimates.
Net income climbed to $354 million, or $1.15 a share, from $91 million, or 30 cents, a year earlier when the cost of early retirements cut profit by 57 cents a share, the company said. Excluding one-time costs and gains, FedEx earned $1.21 a share, less than the $1.27 expected by analysts on average.
Sales climbed 24% to $7.33 billion as shipments rose 8%.
FedEx shares fell $1.04 to $97.71 on the NYSE.
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