Transports are going to rally big time today, recession is offically over on this news..... It has to be over when transports start to show good results. New highs for the markets in 2010, this is the ultimate bull market. FedEx Corp. First Quarter Earnings to Exceed Guidance Second Quarter Earnings of $0.65 to $0.95 per Diluted Share Expected Press Release Source: FedEx Corporation On Friday September 11, 2009, 9:00 am EDT MEMPHIS, Tenn.--(BUSINESS WIRE)--FedEx Corporation (NYSE: FDX - News) today announced that it expects to report earnings of $0.58 per diluted share for the first quarter ended August 31, down 53% from $1.23 per diluted share a year ago. The companyâs guidance for the quarter was $0.30 to $0.45 per diluted share. FedEx expects earnings to be $0.65 to $0.95 per diluted share in the second quarter, which reflects the current outlook for fuel prices and a continued modest recovery in the global economy. A substantial decline is expected from $1.58 per diluted share a year ago, as the company significantly benefited from rapidly declining fuel prices and the timing lag that exists between when fuel prices change and when indexed fuel surcharges automatically adjust. âFedEx first quarter financial performance exceeded our guidance thanks to better-than-expected FedEx International PriorityÂ® volume, strict cost management and solid execution of our strategy,â said Alan B. Graf, Jr., FedEx Corp. chief financial officer. âDespite some encouraging signs in the global economy, it is difficult to predict the timing and pace of any economic recovery. Revenue per shipment declined year over year in each of our transportation segments, as fuel surcharges declined significantly and we continue to face a very competitive pricing environment combined with significant overcapacity in the LTL freight market.â FedEx will release the details of its first quarter earnings on September 17, 2009.