FedEx Reports Higher Volumes, Lower Profits
FedEx Corp. said operating income for the quarter ended Nov. 30 improved at FedEx Freight and FedEx Ground due to increased volumes and higher yields, but persistent weakness in the global economy and increased demand for lower-yielding international services limited…
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profits at FedEx Express. Chairman Frederick Smith said "earnings also were negatively impacted by disruptions caused by Superstorm Sandy, [but] we are hard at work on another record-setting holiday shipping season." FedEx Corp. reported revenue of $11.1 billion, up 5% from the previous year, operating income of $718 million, down 8%, and net income of $438 million, down 12%.