FedEx Corp., Memphis, TN, had first-quarter revenue of $4.8 billion, up 11% from $4.3 billion a year ago. The delivery company’s net income increased 6%, from $159 million to $169 million, during the same time period. The quarter ended Aug. 31.
FedEx’s International Priority shipments made up most of the growth, increasing 20% for the third consecutive quarter. The company also enhanced trade routes between Europe and Asia, connection of Scandinavian countries to the FedEx EuroOne network and additional U.S.-France flights.
During the quarter, the company delivered 250,000 Harry Potter books, with a 99.97% service level, for Amazon.com.
But there may be storm clouds on the horizon. “Fuel remains a concern, as higher fuel prices increased fuel expense by approximately $55 million compared to last year’s first quarter, said executive vice president and chief financial officer Alan B. Graf Jr.
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