FedEx Outlook
David Zalubowski  /  AP
FedEx is raising its first-quarter earnings forecast, citing better-than-expected international shipments and cost-cutting.
updated 9/11/2009 9:50:22 AM ET 2009-09-11T13:50:22

FedEx Corp., the world's second largest package delivery company, raised its first-quarter earnings forecast on Friday, citing better-than-expected international shipments and cost-cutting.

The company's performance is seen as a key indicator of broader economic health.

The Memphis, Tenn.-based courier said it expects earnings of 58 cents per share for the first quarter ended Aug. 31. That's down 53 percent from a year ago, but well above the company's previous prediction of 30 cents to 45 cents per share.

On average, analysts had been looking for a quarterly profit of 44 cents per share.

Its shares climbed $4.23, or 5.8 percent, to $76.89 in morning trading Friday.

The company expects to earn 65 to 95 cents per share for the second quarter.

FedEx will release first quarter earnings on Sept. 17.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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