Growth continues into first quarter

Wednesday, Sept. 22, 2004 | 9:22 a.m.

MEMPHIS, Tenn. -- FedEx Corp. said today 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.

First-quarter revenue was $6.98 billion -- an increase of 23 percent from $5.69 billion.

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