FedEx stock surges as full year forecasted earnings upped

By Peggy Kataveli, CMA, B2P
Published on Monday July 26, 2010 at 9:21 am ET
Updated 07-26-10, 9:31 am ET

The second-top parcel delivery company in the world, FedEx, today upped earnings projections for the current fiscal quarter and for full year earnings.

The company’s Chief Financial Officer (CFO), Alan Graf, made the announcement early today in a written statement.

Mr. Graf said the increase in earnings projections were a direct result of better-than-anticipated volume growth with Express and Ground shipments.

 The company raised EPS forecasts to $1.05-$1.25 per share, up from $0.85 to $1.05 per share.

For the full year, the company raised EPS projections to as high as $5.20 per share, up almost 17-percent from $4.40 per share.

The market is reacting positively to the news, sending the FedEx stock (NYSE:FDX) trading up more than $3.70 per share (4.7-percent up) to $82.69 per share in early morning trading today.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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