FedEx Freight forecasts quarterly earnings above estimates on improving volumes, pricing

Oct 29 (Reuters) FedEx Freight forecast earnings for the crucial holiday quarter above analysts estimates on Thursday, citing improvement in volumes after reporting bigger-than-expected quarterly profit and revenue ​thanks to better pricing. Shares of the company rose 2.1% ‌in extended trading. US shippers in the third quarter paid the most to move freight since 2021, data from the US Bank Freight Payment Index released on Thursday showed. A surge in diesel prices due to the Iran ‌war ​and a reduction in available truck drivers ⁠following federal immigration crackdowns ⁠also helped send rates higher. Shipper spending surged 32.1% from the third quarter last year on widespread cost pressure, the US Bank Freight Payment Index showed. Trucking firms generally pass on the ​higher costs to customers as a surcharge, but a sharp rise has hurt margins for some truckers. FedEx Freight, which was ⁠spun off from parent FedEx in ⁠June, has focused on cutting costs and boosting revenue ​by addin