FedEx earnings: $2.58 per share, vs estimate of $2.51

FedEx on Wednesday posted stronger-than-expected quarterly results, boosted by sales strength in its ground unit.

The shipping giant reported adjusted second-quarter earnings of $2.58 per share on $12.5 billion in revenue. Analysts expected FedEx to post quarterly earnings of $2.51 per share on $12.43 billion in revenue, according to a consensus estimate from Thomson Reuters.

Its shares rose about 4 percent in after-hours trading.

FedEx employees make deliveries in Manhattan.
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FedEx employees make deliveries in Manhattan.

Sales in its FedEx Express segment fell 6 percent from the previous year to $6.59 billion. But the company received a boost from its FedEx Ground unit, where revenue jumped 32 percent from last year to $4.05 billion.

The shipping giant has funneled $1.6 billion into improving its ground unit this fiscal year.

FedEx reaffirmed its fiscal 2016 earnings outlook of $10.40 to $10.90 per diluted share.

FedEx shares have fallen more than 16 percent this year amid concerns about the global economy's health.

In October, the company said it expects to ship 317 million packages between Black Friday and Christmas. That would mark a 12.4 percent increase from the previous year.