FedEx has lifted its full-year earnings guidance, sending shares 12 per cent higher in after-hours trading on Thursday even as the company missed sales and profit expectations for its most recent quarter.
The logistics group, a bellwether for global growth, forecast adjusted earnings of $17.25 to $18.25 a share for the fiscal year, up from a prior forecast made in December, when it warned demand was slowing.
In its third quarter, FedEx reported $879mn in net income on $21.7bn in revenue.
“FedEx delivered another quarter of improved profitability in what remains a difficult demand environment,” Raj Subramaniam, chief executive, said on Thursday. He also attributed improved margins to the company’s cost-cutting programme.
This article was originally published by Www.ft.com. Read the original article here.