5:28 AM
SCHENECTADY, New York | Thu Sep 16, 2010 7:52am EDT
SCHENECTADY, New York (Reuters) - FedEx Corp (FDX.N) reported a quarterly profit that more than doubled, but came slightly shy of Wall Street's revised expectations, as a recovery in the global economy sparked demand for the U.S. company's package-delivery services.
FedEx said on Thursday fiscal first-quarter profit was $380 million, or $1.20 per share, compared with earnings of $181 million, or 58 cents per share, a year earlier.
Analysts, on average, had anticipated earnings of $1.21 per share, according to Thomson Reuters I/B/E/S.
Revenue rose 18.1 percent to $9.46 billion.
The Memphis, Tennessee-based company, which had last raised its 2011 profit forecast in July, increased it for a second time to a range of $4.80 to $5.25 per share, excluding the cost of merging some ground operations. It said demand for air freight services rose as companies -- particularly Asian electronics makers -- scrambled to rebuild the inventories they had cut to the bone during the recession.
FedEx shares are up about 2 percent so far this year, outpacing the 0.5 percent rise of the Standard & Poor's 500 .SPX, but lagging the 18 percent rise of larger rival United Parcel Service Inc (UPS.N).
(Reporting by Scott Malone; Editing by Maureen Bavdek)
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