FedEx Q1 Income Rises 45%

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FedEx Corp.'s net income in fiscal first-quarter 2003 rose 45 percent, paced by volume increases in its express and ground-shipping divisions, the company said yesterday.

Net income was $158 million, up from $109 million in fiscal first-quarter 2002, excluding a $15 million charge tied to a change in accounting rules. FedEx's first quarter ended Aug. 31. Revenue was $5.45 billion, up from $5.04 billion last year. Operating income was up 20 percent to $283 million from $235 million.

Volume rose 33 percent at FedEx Ground. The FedEx Ground division's operating income was $101 million, up 68 percent from $60 million a year ago. Analysts said the volume increase was helped by shippers moving business from UPS to FedEx during the contract talks between UPS and the Teamsters in June and July.

Though domestic express volume at its FedEx Express unit declined less than 1 percent, international express volume rose 7 percent, including a 26 percent jump in Asia shipments.


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