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FedEx Q1 Results Beat Wall Street View; Shares Jump 9%

Shares of FedEx Corp. (FDX) gained 9% on extended trading session Tuesday after the package delivery giant's first-quarter earnings and revenues trumped Wall Street estimates.

Memphis, Tennessee-based FedEx reported first-quarter profit of $1.25 billion or $4.72 per share compared with last year's profit of $745 million or $2.84 per share.

Adjusted earnings for the quarter were $4.87 per share, up from $3.05 per share last year. On average, 22 analysts polled by Thomson Reuters expected earnings of $2.69 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose to $19.3 billion from $17.0 billion last year. Wall Street analysts had a consensus estimate of $17.55 billion.

Looking forward, FedEx said it is not providing an earnings forecast for fiscal 2021.

"While business demand improved in the first quarter, continued uncertainties cloud our ability to forecast full-year earnings," said CFO Alan Graf, Jr. "However, we expect to continue to benefit from our strong position in the U.S. and international package and freight markets, yield improvement opportunities and cost management initiatives."

FDX closed Tuesday's trading at $236.67, up $0.33 or 0.14%, on the Nasdaq. The stock further gained $21.92 or 9.26%, in the after-hours.

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