FedEx income up 45%

Sept. 23, 2002
FedEx Corp. reported a 45% increase in fiscal first-quarter net income, paced by growth in volume in its express and ground-shipping divisions. For the quarter that ended Aug. 31, the delivery giant posted net income of $158 million compared with net of $109 million in the year-earlier period. Its revenue rose 8.1% to $5.45 billion from $5.04 billion a year earlier. Operating income was up 20% to
FedEx Corp. reported a 45% increase in fiscal first-quarter net income, paced by growth in volume in its express and ground-shipping divisions.

For the quarter that ended Aug. 31, the delivery giant posted net income of $158 million compared with net of $109 million in the year-earlier period. Its revenue rose 8.1% to $5.45 billion from $5.04 billion a year earlier. Operating income was up 20% to $283 million, from $235 million.

Total average daily package volume at FedEx Express and FedEx Ground grew a combined 11% from the year-earlier quarter. FedEx Ground continued its strong growth momentum with operating income up 68%, while revenue and average daily volume increased 33%.

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Tim Parry

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