Shares Of FedEx Rise As Company Swings To Quarterly Profit

Shares of FedEx Corp. rose nearly 2% late Tuesday after the logistics company reported fiscal fourth-quarter earnings and sales above Wall Street expectations. FedEx said it earned $1.02 billion, or $3.75 a share, in the fourth quarter, versus a loss of $70 million, or 26 cents a share, in the year-ago period. Adjusted for one-time items, FedEx earned $1.15 billion, or $4.25 a share, in the quarter, compared with $897 million a year ago. Sales rose to $15.7 billion, from $13 billion a year ago. Analysts polled by FactSet had expected FedEx to report adjusted earnings of $3.87 on sales of $15.6 billion for the quarter. Operating results benefitted from higher base rates and higher package volume, the company said. The company said it was unable to provide GAAP fiscal 2018 earnings guidance because of pension-related adjustments. Shares of FedEx ended the regular trading session down 0.7%.