FedEx Boosts 2017 Outlook After Topping Quarterly Estimates
- E-commerce growth fuels gains in first-quarter revenue, volume
- Shipper sees $750 million in annual benefits from TNT Express
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FedEx Corp., owner of the world’s largest cargo airline, raised its full-year profit forecast as continued growth in e-commerce deliveries helped push earnings for the fiscal first quarter ahead of analysts’ estimates.
Higher yields on air and ground shipments and rising package volumes bolstered quarterly results, the courier said in a statement Tuesday. FedEx continued to benefit from a multiyear cost-cutting effort at its FedEx Express unit and from ongoing expansion of its ground delivery business, which according to the company is on track to gain market share for the 18th straight year.