NEW YORK – FedEx Corp.’s third-quarter profit jumped more than 50 percent and beat Wall Street expectations on a mix of volume growth and lower fuel costs.
The Memphis-based package delivery company’s revenue edged up but missed expectations as lower fuel surcharges and unfavorable currency exchange rates tempered the benefits of volume growth. Its forecast for the full year also was below expectations.
The company earned $580 million, or $2.01 per share, for the three months ended Feb. 28. That was up from $378 million, or $1.23 per share, a year ago. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.88 per share.
Revenue rose slightly to $11.72 billion, missing Street forecasts, with eight analysts surveyed by Zacks expecting $11.85 billion.
“We had a very successful peak season as volumes grew across all transportation segments, and our profit improvement programs are moving ahead as scheduled,” CEO Frederick W. Smith said in a statement.