ACW - Air Cargo Week
FedEx reports strong three-month result
Memphis-based FedEx Express achieved strong earnings in its third-quarter trading, the period ended 29 February.
Operating income at US$813 million was up by 107 percent year-on-year on the back of a 9 percent revenue rise during the quarter to $10.56 billion.
Although the freight segment did not break even and the express sector failed to impress, the improved performance was down to many factors, the company said, including better yields and volumes, while earnings made on the ground rose by 14 percent year-on-year.
Revenue made by FedEx Freight over the three months rose by 10 percent year-on-year to $1.2 billion, although a small operating loss of $1 million was sustained.
Last week, the integrator introduced four B757 freighters into the northern Europe market – adding Oslo as a part of the next-business-day network and improving its service in Sweden, Finland, the UK and the Netherlands.
FedEx chairman, president and CEO Frederick Smith predicts: "We expect our solid performance to continue in our fourth quarter."