Memphis-Based Fedex's 1st Quarter Profit Rises

MEMPHIS, Tenn. (AP) -- FedEx Corporation's earnings rose 4 percent in the first quarter of its 2008 fiscal year, beating Wall Street's expectations on strong international growth. However, the Memphis-based company lowered its outlook for the full year, blaming economic uncertainty.

FedEx earned $494 million, or $1.58 per share, compared with $475 million, or $1.53 per share, in the year-ago quarter.

Revenues rose 8 percent to $9.2 billion.

Analysts were expecting a profit of $1.54 per share on revenue of $9.07 billion, according to Thomson Financial.

FedEx said it benefited from growth in international express shipments, although the U.S. economy remains "sluggish."

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