FedEx (FDX) Higher After Raising Q1 EPS Guidance On Lower Fuel Costs

FedEx (NYSE: FDX) is trading up over 5% in after-hours action after raising Q1 EPS guidance, due to lower-than-expected fuel costs and cost management.

FedEx expects to report earnings of $1.23 per diluted share for the first quarter ended August 31. Previous earnings guidance was $0.80 to $1.00 per diluted share. The Wall Street consensus is $0.95.

For fiscal 2009, the company reaffirmed its earnings guidance of $4.75 to $5.25 per diluted share, as weaker macroeconomic conditions offset better-than-expected first quarter results.

CFO Alan B. Graf, Jr. said, "First quarter results benefited from lower-than-expected fuel costs late in the quarter and stringent cost management."

FedEx rival United Parcel Service (NYSE: UPS) is also getting a boost in after-hours trading on the news.

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