FedEx Corp. posted net income of $181 million, down 53% from $384 million in the prior year.
FedEx Corp. posted net income of $181 million, down 53% from $384 million in the prior year.
The Memphis company reported revenue of $8.01 billion for the quarter ended Aug. 31, a 20% decrease from $9.97 billion last year.
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For the first quarter, the FedEx Express segment reported operating income of $104 million, down 70% from $345 million in the prior year.
The unit posted revenue of $4.92 billion for the quarter, a 23% decrease from $6.42 billion last year.
Management attributed these results to continued global economic weakness and substantially lower fuel surcharges which were partially offset by gains from DHL’s exit from the U.S. domestic package market late last year.
