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FedEx posts higher quarterly net earnings

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FedEx posts higher quarterly net earnings

FedEx Corp. reported earnings per share of $7.59 for the third quarter of fiscal year 2018 ending Feb. 28, up from $2.07 in the same quarter last year, as net income increased by 268% to $2.07 billion from $562 million.

The delivery services company said its net earnings included a provisional tax benefit of $1.53 billion attributable to the new U.S. tax law.

FedEx posted an increase of $395 million in adjusted net income to $1.02 billion, or $3.72 per share, in the latest period, up from $625 million, or $2.30 per share.

The company's revenue climbed to $16.5 billion in the fiscal third quarter compared to $15 billion in the prior-year quarter. Operating income for the third quarter declined to $1 billion from $1.03 billion reported in the same period last year.

FedEx said its express segment revenue rose to $9.37 billion in the third quarter compared to the prior-year quarter's $8.57 billion, while the company saw its ground segment revenue climb to $5.22 billion against the comparative period's $4.69 billion. Freight segment revenue for the latest quarter rose to $1.69 billion from the prior-year quarter's $1.49 billion.