FedEx (NYSE:FDX) is trading over 5 percent higher today after the company reported that its second quarter net income nearly double due to strong online holiday sales.
The company reported earnings of $487 million, or $1.57 per share during the quarter, up from last years $283 million, or 89 cents per share that it reported during the same quarter last year. Analysts on average were expecting FedEx to report a profit of $1.53 per share.
Revenue increased by 10 percent to $10.59 billion.
The company’s CEO and Chairman Steve Smith pointed out that FedEx’s Home Delivery and FedEx SmartPost services were particularly strong points throughout the September to November quarter. He stated “With the healthy growth in online shopping this holiday season, demand is increasing for these residential delivery services”.
The company also announced on Thursday that it has agreed to buy 27 new boeing 767-300 aircraft to replace some of the oldest planes in its massive fleet. The first three are expected to arrive in 2014.
FedEx currently trades at $81.87 per share.
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