Shares of FedEx Corporation (NYSE: FDX) were up about 2 percent after the company released its first quarter earnings.
FedEx EPS came in at $2.90 per share, trumping analyst estimates of $2.81 per share. Revenue increased an impressive 20 percent year-over-year, to $14.7 billion.
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While net and operating income increased on a year-over-year basis, operating margins decreased 70 basis points. The increase in revenue was owed to higher base yields at FedEx Express and FedEx Ground, and volume growth at FedEx Ground.
Despite the increase, the company did temper future expectations however, and cut its 2017 full year outlook to 10.85-11.35 per share down from $11.75-12.25. Analyst's surveyed by Thomson Reuters are looking for adjusted EPS of 11.97.
FedEx announced a 2017 rate increase that will see FedEx Express rates rise an average of 3.9% and Ground, Home, and Freight will see an average increase of 4.9 percent.
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