FedEx Net Profit up Even With Higher Fuel Costs

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FedEx Corp., Memphis, said yesterday its net income rose 45 percent during the third quarter of fiscal year 2000. FedEx said it had net income of $113 million for the quarter ending Feb. 29, alleviating fears that increases in gas and energy prices would eat into earnings. Net income was up $78 million from the same quarter in 1999, the company said.

Higher fuel prices did drive expenses up by $100 million, the company said. But those higher fuel costs were mitigated with a 3 percent surcharge instituted on Feb. 1. The company plans to increase that to 4 percent on April 1.

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