Delivery company FedEx reported quarterly earnings and revenue that rose from a year ago and topped analysts' consensus expectations Wednesday, including a one-time gain.
FedEx was cautious on guidance for the current quarter, with the high end of its profit forecast just in line with market expectations, but said it expects the economy to bounce back in the late summer or early fall of this year.
The company reported net income of $610 million, or $1.96 a share, for its fiscal fourth-quarter, which ended in May, up from $568 million, or $1.82 a share. Excluding a one-time gain for cancellation of an Airbus A380 order of 6 cents a share, the company earned $1.90 a share.
Analysts surveyed by Thomson Financial predicted a profit of $1.95 a share, while the company had forecast a profit of $1.93 to $2.01 a share.