FDX REPORTS 26 PERCENT GROWTH IN PROFIT
FDX Corp., the parent company of Federal Express, reported a 26-percent
increase in net income to $631 million for the fiscal year ending May 31.
Total sales grew 6 percent to $16.8 billion. FedEx’s domestic revenue
increased 5.2 percent to $10.2 billion for the year. International sales
rose 6.1 percent to $3.8 billion.
FDX said the earnings increase was due to lower fuel prices,
cost-cutting and improved productivity worldwide. FedEx’s international
business also benefited from improved business in Asia.
In the fourth quarter, FDX said net income jumped 30 percent
year-over-year to $221 million on a 7-percent increase in revenue to $4.4
billion.
Operating income at FedEx sister company RPS, which specializes in the
ground delivery of U.S. business-to-business parcels, rose 35 percent to
$231 million for the year on $1.9 billion in revenue, a 9.8 percent
increase.