Shipping company FedEx Corporation (FDX
) released higher first quarter financial results on Wednesday, which came in above analysts’ expectations.
The Memphis, TN-based company reported first quarter net income of $489 million, or $1.53 per share, up 7% from $459 million, or $1.45 per share, a year ago. On average, analysts expected to see earnings of $1.50 per share.
Revenue for the first quarter rose 2% to $11 billion, from $10.8 billion last year. Analysts expected to see revenue of $10.97 billion. The company reported that the rise in sales reflects better performance in its transportation segment.
Looking ahead, FDX has maintained its sales growth estimate for FY2014 of 7% to 13%. Analysts expect to see EPS of $6.96.
FedEx shares were up $3.07, or 2.77%, during pre-market trading Wednesday. The stock is up 21% YTD.
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