FedEx Corporation (NYSE: FDX) on Tuesday reported quarterly revenue and earnings that beat analyst estimates, boosted by strong holiday shipping.
The company said revenue rose 10 percent to $16.5 billion in the quarter ended February 28, beatring analysts’ estimates of $16.16 billion, according to Thomson Reuters.
The company also posted earnings of $3.71 per share in the fiscal third-quarter, compared with $2.3 a share a year earlier. Analysts’ polled by Thomson Reuters esitmated earnings of $3.11 per share.
“Execution of our long-term growth strategies, customer demand for the unique value of our broad portfolio of solutions and healthy growth in the global economy are driving our performance,” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “We expect strong operating performance in each of our transportation segments in the fourth quarter.”
FedEx continued benefits from the increasing demand for online purchases. The company now expected full-year earnings to be $17.90 to $18.30 for fiscal 2018.
The company also announced a $1.5 billion investment plan to modernize and expand its indianapoils shippingi hub. Last week, the company said it will invest $1 billion to build a new Express hub in Memphis.