FedEx Corp. had third-quarter revenue of $5.02 billion, up 4% from $4.84 billion in third quarter 2001. During the quarter the firm's net income rose to $120 million from $108 million.
The growth came in the company's ground and freight operations. Ground revenue rose from $529 million a year ago to $668 million, while freight, which includes regional less-than-truckload shipping, jumped from $337 million to $440 million. FedEx Express, the premium shipping service, saw its revenue fall off slightly, from almost $3.79 billion to $3.78 billion. The quarter ended Feb. 28.
"Our sales and marketing forces are effectively cross-selling the diverse FedEx portfolio of services, particularly to small- and medium-sized businesses," said Alan B. Graf, Jr., executive vice president and chief financial officer in a statement.
Package volume for FedEx Express fell 2% in quarter-over-quarter comparisons, while FedEx Ground volume was up 21%. FedEx did not release volume figures for FedEx Freight, which consists of the company's rebranded Viking Freight and American Freightways operations.
FedEx is based in Memphis, TN.
