UPDATE: FedEx Posts Upbeat FQ4 Results, Shares Rise

FedEx

reported better-than-expected fiscal fourth-quarter profit. FedEx posted its quarterly profit of $730 million, or $2.46 per share, versus a year-ago profit of $679 million, or $2.13 per share. Its revenue rose to $11.8 billion from $11.4 billion. However, analysts were expecting earnings of of $2.36 per share on revenue of $11.7 billion. Revenue in the ground-shipping business jumped 8% to $3.01 billion, while revenue in the express segment rose to $7.00 billion from $6.98 billion. FedEx Freight segment revenue increased 12% to $1.55 billion. The company's press release offered the following comment from Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer: “An outstanding fourth quarter helped FedEx post solid results for fiscal 2014, and we believe we are well positioned for a strong fiscal 2015.” For fiscal 2015, FedEx now projects earnings of $8.50 to $9.00 per share, versus analysts' estimates of $8.74 per share. Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer said, “Fiscal 2014 was a good year for FedEx and we expect fiscal 2015 to be even better.” FedEx shares rose 3.88% to $145.75 in pre-market trading.