FedEx profit more than doubles

FedEx Corp. said Wednesday that its first-quarter earnings more than doubled, helped by a strengthening worldwide economy and expansion of its international express and ground shipping businesses.

For the three months ending Aug. 31, the company earned $330 million, or $1.08 per share, compared with 42 cents per share, or $128 million, at the same time a year ago. Excluding costs of a business realignment and one-time tax benefit, earnings last year were 61 cents a share.

The results matched Wall Street expectations and were on the high end of company projections.

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First-quarter revenues were $6.98 billion — an increase of 23 percent from $5.69 billion.

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"Our strong earnings performance reflects an increased demand for our broad portfolio of services, successful execution of our cross-selling strategy and the expanding global economy," Frederick W. Smith, chairman and chief executive officer, said in a statement.

Revenues included $490 million from FedEx Kinko's which the company formed last year after buying the Kinko's copy shop chain.