FedEx beats 3Q net income expectations, misses revenue forecasts

Markets Associated Press

FedEx Corp. (FDX) on Wednesday reported fiscal third-quarter profit of $580 million.

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The Memphis, Tennessee-based company said it had profit of $2.01 per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.88 per share.

The package delivery company posted revenue of $11.72 billion in the period, missing Street forecasts. Eight analysts surveyed by Zacks expected $11.85 billion.

FedEx expects full-year earnings to be $8.80 to $8.95 per share.

FedEx shares have climbed 1 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 1 percent. The stock has risen 28 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FDX at http://www.zacks.com/ap/FDX

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Keywords: FedEx, Earnings Report