FedEx winds up with flat quarter

FedEx Corp. reported flat second-quarter net income, and said the reason was its key customers got little lift from the economy. Memphis-based FedEx said its net income for the second quarter, which ended November 30, was $245 million, which included a $17 million gain from a tax settlement. FedEx said its pretax operating income of $427 million declined 1% from $433 million a year earlier. Its revenue

Tim Parry

Dec. 19, 2002

FedEx Corp. reported flat second-quarter net income, and said the reason was its key customers got little lift from the economy.

Memphis-based FedEx said its net income for the second quarter, which ended November 30, was $245 million, which included a $17 million gain from a tax settlement.

FedEx said its pretax operating income of $427 million declined 1% from $433 million a year earlier. Its revenue rose 10% to $5.67 billion from $5.14 billion, largely on the increase in international deliveries between Asia and the United States and a 27% rise in revenue at the FedEx Ground division.

"Our ground and freight operations are showing strong revenue and profit momentum, while express continues to achieve solid growth in its international operations and excellent results from its U.S. Postal Service transportation agreement," said CFO Alan Graf.