FedEx Gains After Raising Profit Outlook on Network Overhaul

FedEx Corp. raised its full-year profit forecast, sending the courier’s shares up the most in 10 months and signaling the plan to restructure its delivery network is gaining traction despite economic volatility.

Adjusted earnings will be $19.30 to $20.10 a share for the fiscal year, up from no more than $19 under its prior guidance, the company said late Thursday in a statement. Even the bottom of the new range tops the $18.71 average analyst estimate compiled by Bloomberg.