FedEx Express Corporation’s 1Q profits soar

FedEx Corporation (Memphis) reported earnings of $1.20 per diluted share for the first quarter ended August 31, up 107% from $0.58 per diluted share a year ago.

The corporation reported net income of $380 million, up 110% from $181 million a year ago.

Earnings increased as a result of strong FedEx International Priority® (IP) growth at FedEx Express, continued growth at FedEx Ground and a benefit from the net impact of higher fuel surcharges. The reinstatement of certain employee compensation programs, higher pension, medical and aircraft maintenance expenses, and an operating loss at FedEx Freight dampened the quarter’s solid results.

Copyright Photo: Brian McDonough. The “FedEx Panda Express” in the form of Boeing 777-FS2 N850FD (msn 37721) transported the famous national pandas back to China.