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.
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
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