posted a 23% rise in third-quarter profit due in part to volume growth in two of its main businesses, but the company still missed analysts estimates by a penny.
The Memphis, Tenn.-based air-express carrier earned $147 million, or 49 cents a share, compared with $120 million, or 39 cents a share, in the year-ago period. Analysts were expecting the company to earn 50 cents a share.
FedEx Ground's volume grew 24%, the company said, with revenue up 26% to $844 million for the quarter. Combined, FedEx Ground's and FedEx Express' daily package volume grew 9% year-over-year.
The company's total third-quarter sales were $5.55 billion, compared with $5.02 billion a year ago.
Looking to the fourth quarter, the company expects to earn 88 cents to 95 cents a share, with analysts expecting 90 cents a share, on average.
Shares of FedEx closed at $51.86 on the
New York Stock Exchange