UPDATE: FedEx Posts Higher FQ1 Profit

FedEx

reported a rise in its fiscal first-quarter profit. FedEx's quarterly profit surged to $489 million, or $1.53 per share, versus a year-ago profit of $459 million, or $1.45 per share. Its revenue gained 2% to $11 billion from $10.8 billion. However, analysts were estimating earnings of $1.50 per share on revenue of $11 billion. FedEx shares gained 2.21% to $113.13 in pre-market trading.