FedEx Reports $317 Mln. Third-Quarter Profit
edEx Corp. reported Thursday that net income for its third quarter ended Feb. 28 rose to $317 million or $1.03 per share, up from $207 million or 68 cents a year ago.
FedEx Freight, the company’s less-than-truckload unit, reported a 9% increased in shipments. The LTL unit's revenue rose 19% to $747 million, while its operating income rose 46% to $54 million.
"We have solid momentum in the business and customer demand is strong,” Frederick Smith, FedEx Corp.’s chairman and chief executive officer, said in a statement. “Economic conditions remain favorable, and we are optimistic about future growth prospects.”
FedEx said total average daily package volume at its FedEx Express and FedEx Ground units grew more than 10% year-over-year, led by double-digit growth of ground shipments.
FedEx Express’s revenue rose 12% to $4.92 billion and its operating income rose 56% to $340 million. FedEx Ground's revenue rose 25% to $1.2 billion for the quarter while its operating income rose 33% to $149 million.
The company’s International Priority revenue grew 19% in the quarter.
FedEx is ranked No. 2 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
