FedEx posts US$521 million Q3 profit, up 126pc as revenue rises 9pc
2012 03 25
- Details
MEMPHIS based FedEx Corporation has posted a 126 per cent third quarter net profit increase to US$521 million, up 126 per cent year on year with revenue up nine per cent to $10.56 billion.
"FedEx results were driven by improving yields, record holiday package shipping and exceptional performance at FedEx Ground," said FedEx chairman, president and CEO Fred Smith of the quarter ending February 29.
"We expect our solid performance to continue in our fourth quarter, capping off a strong fiscal year," Mr Smith said.
The express unit's operating profit was up 96 per cent to $349 million drawn on an eight per cent increase in revenue to $6.54 billion.
FedEx Ground's operating income soared 43 per cent to $465 million, drawn on a 14 per cent revenue increase to $2.48 billion.
The FedEx Freight segment reduced its operating loss to $1 million from $110 million a year ago due to a 10 per cent increase in revenue to $1.23 billion.
Said vice president and chief financial officer Alan Graf: "We are pleased with the improved performance at FedEx Ground and FedEx Freight during our third quarter. We are evaluating actions to adjust our FedEx Express US domestic network capacity and improve efficiency."
Less-than-truckload (LTL) yield was up six per cent due to higher fuel charges and improved base yields, while the LTL average daily shipments grew two per cent because of good weather.
Source Shipping Gazette - Daily Shipping News
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