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FedEx fiscal Q1 profit climbs 22.3% YOY

FedEx Corp. said its normalized net income for the fiscal first quarter ended Aug. 31 amounted to $2.03 per share, compared with the S&P Capital IQ consensus estimate of $1.95 per share.

EPS climbed 35.0% year over year from $1.50.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $585.6 million, an increase of 22.3% from $478.8 million in the year-earlier period.

The normalized profit margin rose to 5.4% from 4.3% in the year-earlier period.

Total revenue climbed 6.0% year over year to $11.68 billion from $11.02 billion, and total operating expenses increased year over year to $10.70 billion from $10.23 billion.

Reported net income increased 24.3% year over year to $606.9 million, or $2.10 per share, from $488.1 million, or $1.53 per share.