updated 9/22/2004 9:27:13 AM ET 2004-09-22T13:27:13

FedEx Corp. said Wednesday that its first-quarter earnings more than doubled, helped by a strengthening worldwide economy and expansion of its international express and ground shipping businesses.

For the three months ending Aug. 31, the company earned $330 million, or $1.08 per share, compared with 42 cents per share, or $128 million, at the same time a year ago. Excluding costs of a business realignment and one-time tax benefit, earnings last year were 61 cents a share.

The results matched Wall Street expectations and were on the high end of company projections.

First-quarter revenues were $6.98 billion — an increase of 23 percent from $5.69 billion.

"Our strong earnings performance reflects an increased demand for our broad portfolio of services, successful execution of our cross-selling strategy and the expanding global economy," Frederick W. Smith, chairman and chief executive officer, said in a statement.

Revenues included $490 million from FedEx Kinko's which the company formed last year after buying the Kinko's copy shop chain.

Copyright 2004 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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