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Upbeat Quarterly Results Drives FedEx Higher

Shares of FedEx Corporation (FDX) are rising more than 8% in the morning trade on Friday after reporting better-than-expected second-quarter results.

Net income in the second quarter was $1.04 billion or $3.88 per share compared with $1.23 billion or $4.55 per share in the same quarter a year ago.

Excluding one-time items, earnings of $4.83 per share beat the average estimate of 22 analysts polled by Thomson Reuters at $4.28 per share.

Revenue for the quarter increased to $23.5 billion from $20.6 billion in the same quarter a year ago. The consensus estimate was for $22.47 billion.

FDX, currently at $257.91, has traded in the range of $216.34- $319.90 in the last one year.

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