FedEx Again Raises 2005 Profit Forecast
FedEx Corp., the No. 2 U.S. package-delivery company, raised its fiscal 2005 profit forecast for a second time in two months and said it would boost capital spending by about a third as demand for shipping surges.
FedEx increased its profit forecast to $4.40 to $4.60 a share for the fiscal year ending in May from a range of $4.20 to $4.40. The company expects to earn $1 to $1.10 a share in the first quarter ending Aug. 31, up from forecasts of 90 cents to $1 and more than double year-earlier results.
Shares of Memphis, Tenn.-based FedEx climbed $1.65 to $80.95 on the New York Stock Exchange.
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