FedEx’s 4Q Profit, Revenue Improve
Editor’s note: An earlier version of this story stated FedEx’s fourth-quarter net income was $696 million, compared with a loss of $849 million a year ago. Those figures were operating income and loss, as noted below.
FedEx Corp.’s fourth-quarter profit increased from a year ago on higher package volume and an improving economy, the company said Wednesday.
Net income rose to $419 million, or $1.33 per share, compared with a loss of $876 million, or $2.82, for the same quarter last year.
Operating income was $696 million, compared with an operating loss of $849 million, last year.
Revenue for the quarter ended May 31 jumped 20% to $9.43 billion, the company said in a statement.
Last year’s fourth-quarter results included a $3.46 in per-share charges related mainly to goodwill and aircraft charges. Excluding those charges, it earned 64 cents per share.
For its full fiscal year, FedEx earned $1.18 billion, or $3.76 per share, up from last year’s $98 million, or 31 cents. The previous year’s earnings were $3.76 per share, excluding charges.
The earnings were at the high end of its projected $1.17 to $1.37 per share for the quarter and $3.60 to $3.80 for the full fiscal year. Revenue slipped 2% to $34.7 billion.
Less-than-truckload unit FedEx Freight’s quarterly operating loss narrowed to $36 million, from $106 million a year ago, though revenue jumped 30% to $1.23 billion.
The FedEx Ground segment’s operating income gained 57% to $319 million, while revenue rose 15% to $1.96 billion.
The FedEx Express segment’s operating income was $413 million, from a loss of $136 million last year, while revenue improved 23% to $5.88 billion.
FedEx projected its first-quarter 2011 earnings will be 85 cents to $1.05 per share, and that it will earn $4.40 to $5 per share for the coming fiscal year.
FedEx Corp. is ranked No. 2 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
