FedEx (NYSE:FDX) reports its quarterly earnings after the bell on Sept. 17. The Memphis-based courier and package delivery company has seen its revenue rise with the advent of e-commerce. Still, with a rare earnings miss in the same quarter last year, analysts will watch earnings for FedEx stock closely.

However, its deep delivery network has brought the company double-digit profit growth for many years. With e-commerce expected to continue surging and the few delivery options, FedEx should continue its path to growth no matter what the latest earnings report brings.

Expect Large Earnings and Revenue Increases With FDX

Wall Street expects FDX to report quarterly earnings-per-share of $3.82. This will represent a huge increase from the same quarter last year when the company reported $2.51 in EPS. Analysts also forecast a double-digit rise in revenues to $16.88 billion. This would be up 10.3% from the $15.3 billion reported one year ago.

The last quarterly earnings miss occurred in the same quarter last year. However, analysts tend to miss the mark on predicting earnings for this company. During that same quarter last year, FDX missed estimates by 58 cents per share. However, two quarters later, the company beat EPS forecasts by 61 cents. Last quarter’s numbers came in 20 cents per share higher than analyst’s predictions.

No matter what happens, FDX has shown a track record of double-digit profit increases. Whether it succeeds or fails in meeting a predicted 52.2% increase in quarterly profits, growth for stock in FedEx continues at a rapid pace. Over the previous five years, profit growth averaged 20.1% per year. Over the next five, Wall Street forecasts growth to still come in at 13.4% per year on average.

FedEx Stock Sees Huge Benefits From E-commerce

FedEx stock offers some compelling advantages. The rise of Amazon (NASDAQ:AMZN) and other e-commerce players gives FedEx a crucial role in the future of retailing. Its primary domestic peers in this delivery market are UPS (NYSE:UPS) and the United States Postal Service. While not a monopoly, the costs of replicating the delivery network that FedEx enjoys will deter almost any other peer from coming in despite growth.

FedEx also employs creative ideas to benefit from its network. It formed an alliance with Walmart (NYSE:WMT) to locate inside of 500 stores. Both companies have partnered for decades to address delivery needs. Now, customers can address delivery needs, as well as meet shopping and printing needs in one location.

Also, despite the high valuations of some e-commerce players, FedEx stock remains reasonable. Assuming the yearly earnings estimate of $17.33 holds, it would give the company a forward price-to-earnings ratio of 14.7. With the growth rate of 13.2% expected for this year, this brings the price-to-earnings-to-growth ratio to just over 1.1. Over the long-run, the S&P 500 trades at a PEG ratio of 1.33.

Moreover, investors should pay attention to FDX stock dividend. The yield of just over 1% will likely not impress most investors. However, the company has hiked its dividend by more than 30% per year in each of the last three years. Moreover, since introducing a dividend in 2002, FedEx has increased its annual payout every year since. Also, with double-digit profit increases, they will have the income to maintain these increases for years to come.

The Bottom Line on FedEx Stock

Given these benefits, I expect FedEx stock to continue on a growth pattern regardless of what happens with earnings. The fact that the last earnings miss occurred in the same quarter last year will draw scrutiny. However, I expect a routine but favorable report no matter what happens here.

Analysts predict 52.2% earnings growth for the current quarter. This greatly exceeds averages seen in the past or future for FedEx. If earnings miss, a buying opportunity could form. If that happens, I think interested buyers should take a position. With an oligopoly in package delivery services and a low P/E ratio relative to its growth, FDX stock will deliver its investors, even if the returns do not come in overnight.

As of this writing, Will Healy did not hold a position in any of the aforementioned stocks. You can follow Will on Twitter at @HealyWriting.