MEMPHIS, Tenn. -- ( TheStreet) FedEx ( FDX) says its quarterly earnings will jump at least 80% from the previous year.
The package-shipper sees earnings for the first fiscal quarter ending Aug. 31 to be in the range of $1.05 to $1.25 per diluted share, up 81%-116% from 58 cents a year ago. The company's previous guidance for the quarter was 85 cents to $1.05.
FedEx expects full-year earnings per diluted share of $4.60 to $5.20, up from $4.40 to $5, which the company says reflects the outlook for fuel costs and a moderate recovery in the economy worldwide. "Our revenue and earnings growth are exceeding original expectations, primarily due to better-than-anticipated growth in FedEx Express and FedEx Ground volumes," said Alan B. Graf Jr., executive vice president and chief financial officer. "Our package volume growth rates in our first quarter are continuing at a pace similar to our fourth quarter. UPS ( UPS) last week saw its net income rise 90% when it reported quarterly earnings, and it also raised its full-year outlook.