FedEx Corp. more than doubled its fourth-quarter net income, which came in at $236 million compared with $113 million during the same period last year. The company’s revenue for the quarter rose from $5.12 billion to $5.42 billion.
During fiscal 2002, which ended May 31, the company generated $710 million in net income and $20.61 billion in revenue, compared with $584 million and $19.63 billion in fiscal 2001.
FedEx, Memphis, TN, attributed its fourth-quarter revenue increase to growth in weight related to a transportation agreement with the U.S. Postal Service. Its Express package volume fell 3% compared to fourth-quarter 2001, but FedEx Ground reported a 21% average daily package volume increase. One third of the growth came from FedEx’s Home Delivery service.
The company’s Freight operations increased by 6%.
Network
