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FedEx Corp. reported Sept. 18 fiscal first-quarter net income for the period ended Aug. 31 increased 6.5% to $489 million, or $1.54 per share, as profit rose in each of the company’s business segments.
FedEx, based in Memphis, Tenn., improved operating income, which excludes interest and taxes, to $236 million from $207 million in the Express business and to $468 million from $445 in the Ground unit. FedEx Freight’s operating income inched up to $91 million from $90 million.
In the year-earlier quarter, net income was $459 million, or $1.45 per share. Revenue improved to $11 billion from $10.8 billion.
“Growth in overall demand for our broad global portfolio of solutions drove our improved first-quarter results,” CEO Fred Smith said in a statement. “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.”