BUSINESS BRIEFING / SHIPPING
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FedEx Corp. shares rose to an 11-month high after the second-largest U.S. package-shipping company said first-quarter profit topped its forecast.
Earnings for the quarter that ended Aug. 31 will be 58 cents a share, the Memphis, Tenn., company said in posting preliminary results. FedEx had forecast 30 cents to 45 cents. The average of 15 analyst estimates compiled by Bloomberg was 45 cents.
FedEx’s announcement suggests shipping demand is starting to pick up, particularly for higher-priced international service. FedEx and larger rival United Parcel Service Inc. are considered proxies for the U.S. economy because they handle almost 80% of domestic package shipments.
FedEx shares rose $4.66, or 6.4%, to $77.32.
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