BUZZ - FedEx freight stock surges as fourth-quarter profit forecast beats market expectations

October 30 - ** FedEx Freight FDXF.N shares rose about 12% in early trading, reaching $123

** The company on Thursday projected fourth-quarter earnings above Wall Street expectations, citing improved volumes

** The company expects fourth-quarter adjusted earnings per share to be between $0.65 and $0.75, higher than analysts' forecast of $0.53—data compiled by LSEG

** The largest U.S. less-than-truckload carrier reported adjusted earnings per share of $1.49 for the quarter ended September, surpassing analysts' expectations of $1.36

** Quarterly revenue grew 8% to $2.44 billion, above the expected $2.37 billion

** Morningstar analyst Matthew Young noted: "We continue to expect that positive operating leverage (the return of freight volume growth), network optimization, and the gradual elimination of spin-off transition costs will drive profitability increases in the coming years"

** Including today's session's swings, the company's shares are down 18% on the year

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