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Business Briefing / SHIPPING

FedEx shares up 3.7% on forecast

September 11, 2008|From Times Staff and Wire Reports

FedEx Corp. said first-quarter profit would exceed the company's forecast as fuel spending fell.

Earnings will be $1.23 a share for the period that ended Aug. 31, eclipsing the outlook of 80 cents to $1, FedEx said. The announcement reaffirmed a full-year profit forecast of $4.75 to $5.25 a share. Shares of Memphis, Tenn.-based FedEx rose $3.11, or 3.7%, to $87.86.

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