NEW YORK (AFP) - A rise in international shipping and the addition of the Kinko`s printing chain boosted fiscal first-quarter revenue and income at FedEx Corp., the package delivery giant said.
Profits at Memphis, Tennessee-based FedEx surged 158 percent to 330 million dollars, or 1.08 dollars per share, in the first quarter ended August 31.
This matched the average of analysts polled by Thomson First Call.
Revenue rose 23 percent to 6.98 billion dollars, above the forecast of most analysts.
The addition of Kinko`s after its acquisition late in fiscal 2004 added 490 million dollars in quarterly revenue, FedEx said.
Meanwhile, total average daily package volume grew six percent on a year-over-year basis, with exports to China rising 52 percent.
The Transportation Department recently approved 12 new weekly FedEx flights to China, nearly doubling the company`s current number.
"The global economy is expanding steadily, particularly the manufacturing sector, giving our business more opportunities to grow in the future," chairman Frederick Smith said in a statement.
FedEx also projected second-quarter earnings in line with Wall Street forecasts.