FedEx jumps on profit beat, improved margins in its largest unit

(Reuters) – FedEx shares surged in premarket trading on Friday after the parcel giant beat estimates for quarterly profit and reported a higher operating margin at Express, its largest unit. Shares of the company rose 12.4% to $297.75 before the bell, with rival UPS up 3.5%. FedEx has taken several measures to protect margins at Express, including parking aircraft, reducing flight hours and efforts to fly fewer jets, with better capacity utilization. The Memphis, Tennessee-based company also said on Thursday it plans to buy back $500 million worth of its shares in the current quarter, with its board approving a…