FedEx Corp. posted net income of $384 million for the first quarter, a 22% decrease from $494 million in the prior year.
The package delivery giant reported revenue of $9.9 billion for the quarter ended Aug. 31, an 8% increase over $9.20 billion last year.
The FedEx Express segment posted revenue of $6.4 billion for the quarter, a 9% increase over $5.9 billion in the prior year.
The unit reported operating income of $345 million for the quarter, a 34% drop from $519 million last year
The Memphis, TN firm attributed these results to global economic weakness, higher fuel prices and the related negative effects of higher fuel surcharges.
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