FedEx Profit Jumps but Stock Declines
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FedEx Corp., the No. 2 U.S. package carrier, said quarterly profit more than doubled on rising international air shipments. But the stock had its biggest decline since December on concern that FedEx would be unable to sustain its growth rate.
Net income in the fiscal first quarter climbed to $330 million, or $1.08 a share, from $128 million, or 42 cents, a year earlier, FedEx said. Revenue rose 23% to $6.98 billion.
FedEx raised profit forecasts last month and said increased international and domestic manufacturing was boosting demand. The stock might have fallen because the company didn’t boost forecasts more, analysts said.
FedEx stock dropped $3.48, or 3.9%, to $85.21 on the New York Stock Exchange.
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