Shares of FedEx Corp. rallied after hours on Wednesday after the package deliverer raised its full-year profit outlook, as efforts to cut billions in costs — and disruptions at some of its main rivals — helped quarterly results despite continued weaker shipping demand that weighed on sales.
Executives, during FedEx’s FDX earnings call, said the company had gained “upside” from sometimes-tense negotiations between archrival United Parcel Service Inc. and the Teamsters union earlier this year and the bankruptcy filing of trucking…
