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FDX: FedEx Reports Strong Earnings


Updated from 10:45 a.m. EDT

Shipping giant


(FDX) - Get FedEx Corporation Report

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express mailed good news to Wall Street today.

The package deliverer announced that first quarter net income rose six percent, beating Street estimates, on increased volume growth and reduced costs. The company posted earnings of 58 cents a share, beating the 15-analyst 54 cent prediction and the year-ago 52 cent result.

Despite higher fuel prices, FedEx said it continues to believe it will post record sales, profits and cash flow in fiscal 2001.

FedEx ended Tuesday regular trading up 71 cents, or 2%, at $39.32.