FedEx (NYSE: FDX) shares are indicated modestly higher Thursday morning following the company's third-quarter earnings release which showed mixed results. The fourth-quarter outlook looked to be at the low end of the guidance range, while 2012 guidance was relatively strong.

Revenue for the quarter rose 9 percent from $9.66 billion reported in the same period last year to $10.56 billion. Net income for FedEx increased 126 percent from $231 million in the year-ago quarter to $521 million, or $1.65 per share. Adjusting for a reserve reversal, EPS was $1.55 in the quarter.

The Street was expecting revs of $10.62 billion and EPS of $1.35.

Leading the gain was FedEx Ground, which saw revs grow 14 percent to $2.48 billion. FedEx's Freight segment reported a 10 percent sales increase, while its Express unit saw an 8 percent increase.

Operating margins nearly doubled from 4.1 percent last year to 7.7 percent.

Looking ahead, FedEx sees fourth-quarter earnings of $1.75 to $2.00 per share, compared with the consensus of $1.98. For 2012, FedEx sees earnings of $6.35 to $6.60 per share, at the top-end of the $6.36 per share consensus.

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