Fedex Delivered More Packages This Summer, Profit Surged

Shares of Fedex are higher in Wednesday's session after the shipping giant reported it delivered more packages over the summer months. In its latest quarter, profits came in at $2.10 a share. That's much better than expectations. Revenue rose to $11.7 billion, which is slightly above estimates. Express and ground services both handled more packages with overnight delivery volume jumping 8%. CEO Frederick W. Smith said, "FedEx Corp. is off to an outstanding start in fiscal 2015, thanks to very strong performance at FedEx Ground, solid volume and revenue increases at FedEx Freight and healthy growth in U.S. domestic volume at FedEx Express." Fedex will increase shipping rates for U.S. domestic and U.S. export and import services by 5% at the beginning of next year. It will also focus on international expansion in the future, particularly in the Asia Pacific.