FedEx Net Income Rises

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FedEx Corp.'s quarterly net income jumped 53 percent on growth in its international, ground delivery and U.S. express businesses, the Memphis, TN, company said yesterday.


Earnings for the third quarter, which ended Feb. 28, totaled $317 million, up from $207 million a year earlier.


FedEx also reported revenue of $7.34 billion, up 21 percent from $6.06 billion the previous year; operating income of $552 million, up 48 percent from $372 million a year ago; and an operating margin of 7.5 percent, up from last year's 6.1 percent.


Average daily package volume at FedEx Express and FedEx Ground combined grew more than 10 percent year over year for the quarter, led by double-digit growth in ground and FedEx International Priority shipments. FedEx Freight's average daily less-than-truckload shipment volume increased 9 percent.


Third-quarter revenue included $499 million from FedEx Kinko's -- which was acquired in February 2004 -- compared with about $100 million in revenue last year.


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