Business News
FedEx profits rise on economic recovery
Mar 18, 2010, 18:10 GMT
New York - FedEx on Thursday reported rising profits in the third quarter as the improving economy boosted its package delivery business.
The Memphis, Tennessee-based rival of shipping giant UPS said revenue rose 7 per cent to 8.7 billion dollars in the quarter that ended in February. Profits rose to 239 million dollars from 97 million dollars on rising international shipping, ground shipping and cost-cutting measures.
FedEx increased its outlook for the year to earnings of 3.60 dollars to 3.80 dollars per share from an earlier estimate of 3.45 dollars to 3.75 dollars per share. The company also said it would increase investment, including the purchasing of new aircraft.
Logistics firms are widely seen as an important measure of economic growth as businesses begin shipping more packages and freight.
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