NEW YORK (CNN/Money) - FedEx Corp. said Thursday that it expects fiscal fourth quarter earnings to come in better than its earlier guidance and current Wall Street forecasts.

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FedEx (FDX: up $0.68 to $76.69, Research, Estimates) shares rose as much as 2.5 percent in early trading Thursday.

The freight and express package delivery company said it earned $1.33 a share in the quarter ended May 31, excluding special items.

That's better than FedEx's April 8 guidance of earnings per share between $1.20 and $1.30 on that basis, and the $1.25 a share consensus forecast of analysts surveyed by earnings tracker First Call. The company earned 92 cents a share on that basis a year earlier.

"We are seeing strong demand across our entire portfolio of services, both domestic and international," said Chairman and CEO Fred Smith. "We continue to see strong and sustainable economic recovery across many sectors of the economy that we serve."

Special items included a 4-cents-a-share gain from a non-recurring reduction in the effective income tax rate and a penny-a-share charge for business realignment costs.

The company's statements were part of an update of guidance, not a complete financial report. The full earnings report is due to be released June 23.