FedEx boosts 1st-qtr, yearly earnings forecasts

NEW YORK (AP) - FedEx is sharply raising its earnings outlook for its fiscal first quarter and full year as the improving economy drives up demand for truck and air shipments.

Its shares climbed $3.70, or 4.7 percent, to $82.66 in pre-opening trading.

The Memphis, Tenn., company said Monday it expects to earn between $1.05 and $1.25 per share for the first quarter ending Aug. 31. That's up from a previous forecast of 58 cents per share.

FedEx Corp. expects earnings of $4.60 to $5.20 per share for the fiscal year ending in May. That's up from $4.40 to $5. The revision reflects a better outlook for fuel prices and a "continued moderate recovery in the global economy."

The company earned $3.76 per share in the last fiscal year.

FedEx will release first quarter results on Sept. 16.