NEW YORK (AP) - Package delivery company FedEx said it is raising its quarterly dividend to 25 cents from 20 cents.
The Memphis, Tennessee-based company said Monday its balance sheet and cash flows are strong. Its next dividend will be payable July 2 to shareholders of record on June 18. FedEx also raised its dividend by 5 cents in 2014.
In March, FedEx Corp. said its quarterly profit jumped 53 percent to $580 million because of increased shipping volume and lower fuel costs. However its results fell short of Wall Street estimates.
The dividend announcement was made after the market closed. FedEx shares had finished regular trading with a decline of $2.35, or 1.3 percent, to $179.89. In after-market trading, FedEx shares rose 36 cents to $180.25.