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Fortune

Luisa Beltran

FedEx stock rockets almost 16% on earnings beat

FedEx FedEx Freight Ken Hoexter

(Credit: Smith Collection—Gado/Getty Images)

Shares of FedEx soared nearly 16% on Wednesday after the shipping giant beat earnings expectations for its fourth fiscal quarter and as a possible sale of FedEx Freight looms.

FedEx on Tuesday reported adjusted earnings per share of $5.41 for the period ending May 31, up 10% from a year ago and beating Wall Street expectations of $5.34 a share.

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