FedEx Earnings Surge Thanks To Big Share Buybacks

FedEx announced fiscal Q1 earnings jumped 37% year-over-year to $2.10 per share, which was better than the $1.96 expected.

"Share repurchases benefited earnings in the quarter by $0.15 per diluted share," said management.

Across corporate America, companies have been buying back stock, which has the effect of boosting earnings per share. This is not the net earnings of the company.

FedEx net earnings climbed a more modest, albeit healthy, 24% to $606 million.

More to come...