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US courier FedEx reports USD438m profit in Q2  Join our daily free Newsletter

MENAFN - 20/12/2012

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(MENAFN) Tennessee-based courier FedEx Corp reported a 12 percent drop in quarterly profit on lower air network performance and the impact of Superstorm Sandy, AP reported.

The world's second-largest package delivery company said it made USD438 million net profit during its fiscal second quarter, down from USD497 million a year earlier.

FedEx also reported USD11.1 billion revenue in the quarter, up from USD10.6 billion a year ago, helped by its strategy to shrink its operations to better match demand and some of its raised rates.

The company saw strong results in its freight and ground businesses, unlike its core express network about which FedEx reported "persistent weakness". Operating income in that segment fell 33 percent.

FedEx and its larger rival UPS Inc. have both seen consumers and businesses opt for slower shipping options to cut costs.

 






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