Transportation Industry
FedEx Reports 4% Rise in Its 1Q Net Income
Transport Topics, September, 2007 by Reiskin, Jonathan S
Higher profitability from its Express and Ground units enabled FedEx Corp. to report a 4% increase in net income for the three months ended Aug. 31, despite a slowing U.S. economy that nampered the company's less-thantruckload division.
FedEx, the second-largest company in North American trucking behind UPS Inc., earned $494 million, or $1.58 a share, during its fiscal 2008 first quarter, up from $475 million, or $1.53 a share, during the same time a year ago. Quarterly revenue increased 8% to $9.2 billion from $8.5 billion, year-over-year, for the Memphis, Tenn., company.
"We're very pleased with our results that came in the midst of a sluggish U.S. economy," Chief Financial Officer Alan Graf Jr. said during a Sept. 20 conference call with stock analysts.
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