FedEx Corp. Reports Higher Year-Over-Year First Quarter Results
In another brightening sign for the economy, FedEx Corp. (NYSE: FDX) today reported earnings of $1.53 per diluted share for the first quarter ended August 31, compared to $1.45 per share last year.
“Growth in overall demand for our broad global portfolio of solutions drove our improved first quarter results,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “FedEx Express remains focused on reducing costs while facing challenging global economic conditions. Meanwhile, FedEx Ground continues to generate strong profitability on growing customer demand for its services.”
First Quarter Results
FedEx Corp. reported the following consolidated results for the first quarter:
• Revenue of $11.0 billion, up 2% from $10.8 billion the previous year
• Operating income of $795 million, up 7% from $742 million last year
• Operating margin of 7.2%, up from 6.9% the previous year
• Net income of $489 million, up 7% from last year’s $459 million
Revenue and earnings increased during the quarter, driven by solid performance at each of the company’s transportation segments. Results include significant headwinds from the net year-over-year impact from the timing lag that exists between when fuel prices change and indexed fuel surcharges automatically adjust, as well as one fewer operating day.
Category: Featured, General Update
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