FedEx Corp. said its third-quarter profit slipped from a year ago due in part to the company’s voluntary buyout program for U.S. officers, but operating profit at its less-than-truckload freight unit turned around a loss.
Net earnings fell to $361 million, or $1.23 per share, from $521 million, or $1.55, a year ago. Revenue for the quarter ended Feb. 28 rose 4% to $11 billion.
In early February, many officers and managers at FedEx Services and FedEx Express accepted a voluntary buyout the company said would be the first step to a $1.6 billion profitability improvement by 2016.
LTL unit FedEx Freight had an operating income of $4 million from a loss of $1 million a year ago, and revenue increased to $1.24 billion from $1.23 billion.