FedEx saw its revenues and profits improve in its fiscal first quarter as a surge in e-commerce demand propelled performance.
The express giant saw revenues for the three months ended August 31 increase by 13.5% year on year to $19.3bn, while net income was up 67.8% to $1.2bn and operating income improved by 62.5% to $1.6bn.
FedEx said that operating results increased due to volume growth at FedEx International Priority and US domestic residential package services, yield improvement at FedEx Ground and FedEx Freight, and one additional operating weekday.
These factors were partially offset by costs to support strong demand and to expand services, variable compensation expenses, and Covid-19 related costs incurred to ensure the safety of FedEx team members and customers.
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Source: Air Cargo News