(CercleFinance.com) – FedEx climbed 8% this Friday on the New York Stock Exchange after reporting a sharp increase in quarterly profit and better than expected, mainly thanks to the control of its costs due to the implementation of the ‘Drive’ strategic plan.
The group, often presented as a good barometer of economic activity in the United States due to the volumes of goods it transports, generated a net profit of $879 million, or $3.51 per share, on its third fiscal quarter ended at the end of February, compared to 489 million ($3.05) a year earlier.
Excluding exceptional items, its earnings per share (EPS) stood at $3.86, while analysts on average forecast earnings per share of $3.20 for sales of $11.48 billion.
However, its turnover contracted to 21.7 billion dollars compared to 22.2 billion over the same period of the previous year.
The American group reaffirmed its forecast of earnings per share of between 15.65 and 16.65 dollars for the entire financial year, for a decline of 0% to 5% in its turnover.
In early trading, FedEx shares rose by more than 8%, leading its great rival UPS in its wake (+1.2%).
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