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FedEx fiscal Q3 profit climbs 53.0% YOY

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FedEx fiscal Q3 profit climbs 53.0% YOY

FedEx Corp. said its normalized net income for the fiscal third quarter ended Feb. 28 was $1.98 per share, compared with the S&P Capital IQ consensus estimate of $1.88 per share.

EPS rose 63.7% year over year from $1.21.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $568.1 million, a gain of 53.0% from $371.3 million in the prior-year period.

The normalized profit margin rose to 5.3% from 3.3% in the year-earlier period.

Total revenue rose on an annual basis to $11.72 billion from $11.30 billion, and total operating expenses came to $10.75 billion, compared with $10.66 billion in the year-earlier period.

Reported net income grew 52.8% from the prior-year period to $576.9 million, or $2.01 per share, from $377.6 million, or $1.23 per share.