FedEx Corp. released its third quarter results on Thursday morning. The Memphis based company reported an excellent growth of 146% in its third quarter net income. Encouraged by the third quarter results, FedEx also raised its outlook for the fourth quarter as well as full year.

The shares of the company started rising during the morning trading at NYSE.

For the quarter ended February 2010, FedEx Corp. reported net profit of $239 million or 76 cents per share, increasing by 146% while it was reported of $97 million or 31 cents per share in the same quarter last year. The net profit in the third quarter beat the estimate of analysts as they were expecting a net profit of 72 cents per share for the period. Total revenue in the period was reported of $8.7 billion, increasing by 7% and beating the estimate of various analysts of $8.32 billion.

For the first nine months of this fiscal, FedEx reported net profit of $765 million or $2.43 per share, decreasing by 21% while in the same period last year net profit was reported of $974 million or $3.12 per share.

FedEx also released its guidance for Q4 and full year. The company said that it expects to earn $1.17 to $1.37 per share in the fourth quarter. Encouraged by the third quarter results, FedEx said that now the company expects full year 2010 earnings in a range of $3.60 to $3.80 per share. While earlier the company was expecting earnings of $3.45 to $3.75 per share.