FedEx Corporation (FDX) reports a first-quarter increase in profits of 40 percent due to the strong demand for ground and international express shipments.
This despite a reduction expected in profits due to a new contract tentatively agreed to with its pilots union. The proposed contract is pending a vote scheduled to occur in the current quarter. If ratified, the four-year contract would become amendable in 2010, FedEx said.
Its shares rose $1.47 to $109 in premarket trading and Wall Street is expecting quarterly profit of $1.75 per share and full-year earnings of $6.80, on average.
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