Trade Resources Industry Views FedEx Corp. Said Its Income Grew 14% in Its Fiscal Second Quarter

FedEx Corp. Said Its Income Grew 14% in Its Fiscal Second Quarter

Parcel carrier FedEx Corp. said its income grew 14% in its fiscal second quarter, driven largely by improvements in its Express airfreight unit.

Net income was $500 million, or $1.57 per share in the quarter ended Nov. 30, compared with $438 million, or $1.39 a share, in the same quarter last year, FedEx announced in a Dec. 18 statement. Last year's earnings dropped by 11 cents per share due to effects of Superstorm Sandy.

"FedEx posted solid second-quarter earnings, reflecting improved performance at FedEx Express, as the profit-improvement plan introduced more than a year ago continues to gain momentum," CEO and Chairman Fred Smith said in the statement.

FedEx Express saw an operating income of $326 million, a 42% increase over last year despite a slight decrease in revenue to $6.84 billion, the company said. Lower freight revenue and fuel surcharges were offset by higher base package yields.

 

Source: http://www.ttnews.com/articles/basetemplate.aspx?storyid=33738&t=FedExs-Income-Grows-14%25
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FedEx's Income Grows 14%
Topics: Transportation