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12/18/2013 8:30:00 AM Write a Letter to the Editor Write a letter to the Editor

FedEx’s Income Grows 14%

Bruce Harmon/Trans Pixs

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.

FedEx Freight’s income grew 1% to $77 million as revenue increased 4% to $1.43 billion, the carrier said. Average daily shipments gained 4% while weight per shipment grew 2%.

At the Ground segment, operating income was $424 million, up 3% from a year ago. Revenue grew 10% to $2.85 billion.

FedEx ranks No. 2 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.

By Transport Topics

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