UPDATE: FedEx Posts Downbeat Q3 Profit

FedEx

reported a 5% gain in its third-quarter profit. FedEx's quarterly profit surged to $378 million, or $1.13 per share, compared to a year-ago profit of $361 million. Excluding special items, it earned $1.23 per share. Its revenue climbed to $11.3 billion versus $11.0 billion. However, analysts were estimating earnings of $1.45 per share on revenue of $11.47 billion. FedEx projects current-quarter earnings of $2.25 to $2.50 per share, and full-year earnings of $6.55 to $6.80 per share. FedEx shares dropped 1.64% to $136.30 in pre-market trading.