FedEx beats Street 1Q forecasts

FedEx Corp. (FDX) on Tuesday reported fiscal first-quarter profit of $715 million.

On a per-share basis, the Memphis, Tennessee-based company said it had profit of $2.65. Earnings, adjusted for restructuring costs and amortization costs, were $2.90 per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.79 per share.

The package delivery company posted revenue of $14.66 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $14.44 billion.

FedEx expects full-year earnings in the range of $10.85 to $11.35 per share.

FedEx shares have climbed 9 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 5 percent. In the final minutes of trading on Tuesday, shares hit $162.65, a climb of 11 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FDX at http://www.zacks.com/ap/FDX

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Keywords: FedEx, Earnings Report