FedEx shares moved higher Wednesday after the company reported a 24% increase in profits for the first quarter, beating Wall Street's expectations. Jim Cramer says that's the kind of quarter he likes to see: revenues up, price increases, margins expanding. He says that's how you get an upside surprise. The stock has now doubled from the bottom. Cramer credits FedEx CEO Fred Smith with cutting the fat and bringing down costs. The company posted a profit of $606 million, or $2.10 a share, up from $1.53 a share in the year-earlier period. The package delivery giant says it plans to increase U.S. shipping rate by about 5% in 2015.
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