US FedEx shares hit record high
Shares of Memphis-based FedEx Corp. hit a 52-week high on Monday, at USD81.78, before closing USD1 lower, still above the previous 52-week high of USD80.43. Monday’s closing price of USD80.78 was up by 95 cents, or 1.19 percent, above Friday’s close of USD79.83.
The past week has seen FedEx report double-digit earnings growth for the quarter and announce plans for a major expansion in China.
On June 23, the company reported earnings of USD1.36 per share for the fourth quarter, ended May 31, an increase of 48 percent compared to 92 cents in the same period last year.
FedEx Chairman, President and Chief Executive Fred Smith says the company’s entire portfolio of transportation services is experiencing strong demand, especially in ground, international express and regional less-than-truckload services.
The international express segment will be well-served by the company’s plans to add 100 cities in China to its delivery routes.
Smith made that announcement the day after the earnings report, calling China a “huge opportunity” for the company.
