FedEx 2Q Earnings Flat with 2001 Results

December 18, 2002 3:20 PM, EST

FedEx Corp. said Wednesday that it had earnings of 81 cents per share in the second quarter ended Nov. 30 – identical to the 81 cents per share the company posted in the same timeframe last year.

The Memphis, Tenn.-based company had revenue of $5.67 billion, up 10% from the $5.14 billion the company claimed in 2001. FedEx’s net income stayed the same as last year’s total of $245 million, but its operating income fell 1% to $427 million.

The total daily package volume at FedEx’s express and ground units grew a total of 13% year-over-year. FedEx Ground’s revenue rose 27% from last year to $863 million, while FedEx Express saw a 7% improvement to $4.1 billion in revenue.

The company’s freight-hauling unit, FedEx Freight, had an improvement of 12% from 2001 to $547 million.

The company said that it expects earnings in the third quarter to be between 45 cents and 55 cents per share -- up from the 39 cents FedEx reported in the same quarter last year.

"Management believes that its $2.77 per share forecast for fiscal 2003 is still achievable with a modest economic recovery in the company's fiscal second half," the company said in a release.

Package-delivery company FedEx Corp. is ranked No. 2 on the Transport Topics 100 listing of the largest trucking companies in the United States and Canada.

(Click here for the full press release.)