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MEMPHIS, Tenn. - FedEx Corp., the world's second largest package delivery company, raised its first-quarter earnings forecast on Friday, citing better-than-expected international shipments and cost-cutting.
The company's performance is seen as a key indicator of broader economic health.
The Memphis, Tenn.-based courier said it expects earnings of 58 cents per share for the first quarter ended Aug. 31. That's down 53 percent from a year ago, but well above the company's previous prediction of 30 cents to 45 cents per share.
On average, analysts had been looking for a quarterly profit of 44 cents per share.
Its shares climbed $4.23, or 5.8 percent, to $76.89 in morning trading Friday.
The company expects to earn 65 to 95 cents per share for the second quarter.
FedEx will release first quarter earnings on Sept. 17.
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