FedEx Corp. (FDX) posted third-quarter net income of $521 million or $1.65 per share, up from $231 million or $0.73 per share a year ago.
Earnings for the recent quarter includes a $0.10 per share reversal of a reserve associated with a legal matter at FedEx Express. Last year's third quarter earnings included $0.08 per share in costs related to the combination of the company's FedEx Freight and FedEx National LTL operations.
Adjusted earnings per share were $1.55 versus $0.81 in the same quarter last year. On average, 23 analysts polled by Thomson Reuters expected the company to report earnings of $1.35 per share. Analysts' estimates typically exclude special items.
Revenue reached $10.56 billion, up 9% from $9.66 billion in the previous year Analysts estimated revenues of $10.62 billion.
"FedEx Corp. results were driven by improving yields, record holiday package shipping and exceptional performance at FedEx Ground," said Frederick Smith, FedEx Corp. chairman, president and chief executive officer. "We expect our solid performance to continue in our fourth quarter, capping off a strong fiscal year."
Looking ahead, FedEx projects earnings to be $1.75 to $2.00 per share in the fourth quarter. Analysts expect the company to earn $1.98 per share for the quarter.
The company now expects an adjusted earnings of $6.35 to $6.60 per share for fiscal 2012. This guidance assumes the current market outlook for fuel prices and moderate growth in the global economy. Including the FedEx Express legal reserve reversal, earnings are now expected to be $6.43 to $6.68 per share for fiscal 2012.
Earlier, the company expected earnings of $6.25 to $6.75 per share for fiscal 2012. Analysts expect the company to earn $6.36 per share, on revenues of $42.94 billion.
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