FedEx Corporation Q1 Profit Increases, beats estimates

(RTTNews) - FedEx Corporation (FDX) revealed earnings for its first quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $1.08 billion, or $4.23 per share. This compares with $875 million, or $3.33 per share, in last year's first quarter.

Excluding items, FedEx Corporation reported adjusted earnings of $1.16 billion or $4.55 per share for the period.

Analysts on average had expected the company to earn $3.73 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.5% to $21.7 billion from $23.2 billion last year.

FedEx Corporation earnings at a glance (GAAP) :

-Earnings (Q1): $1.08 Bln. vs. $875 Mln. last year. -EPS (Q1): $4.23 vs. $3.33 last year. -Analyst Estimate: $3.73 -Revenue (Q1): $21.7 Bln vs. $23.2 Bln last year.

-Guidance: Full year EPS guidance: $17.00 to $18.50