FedEx last week reported its first quarter results ending August which underlines improved performance on some critical parameters. During the June-August period, the global express giant recorded a revenue increase of 11% to $17bn. The operating income crossed $1 billion mark during the quarter.
“FedEx delivered higher first-quarter earnings driven by solid execution of our business plan and a strong U.S. economy,” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “We are very optimistic about our prospects for profitable growth and remain confident we will reach our goal to improve FedEx Express operating income by $1.2 billion to $1.5 billion in fiscal 2020 versus fiscal 2017.”
Operating income improved during the quarter, benefiting from higher volumes, increased yields and a favorable net impact of fuel at all transportation segments.