FedEx Corp revenue up 6.9%, profits surge in 3QFY2010

FedEx Corp revenue up 6.9% - financial highlights for the three months ended 28-Feb-2010:

• Revenue: USD8,701 million, +6.9% year-on-year;
  • FedEx Express: USD5,440 million, +7.7%;
  • FedEx Ground: USD1,910 million, +6.5%;
  • FedEx Freight: USD1,040 million, +13.8%;
• Total operating cost: USD8,285 million, +4.1%;
  • Labour: USD3,549 million, +4.0%;
• Operating profit (loss): USD416 million, +129%;
  • FedEx Express: 265 million, +489%;
  • FedEx Ground: USD258 million, +31.6%;
  • FedEx Freight: (USD107 million), compared to a loss of USD59 million in the previous corresponding period;
• Profit before tax: USD381 million, +139.6%;
• Net profit: USD239 million, +146%. [more]

FedEx: "In the fourth quarter, we expect to grow our revenue and earnings through increased demand for our superior services. Yield management will continue to be a top priority across all of our operating companies. With our improved performance and outlook, we are reinstating various employee compensation programs, which will dampen earnings growth in the fourth quarter and fiscal year 2011. We are also continuing to invest in long-term projects that improve service and reduce operating costs, such as long-range, fuel-efficient 777 freighters," Alan Graf, Executive Vice President and CFO. Source: FedEx, 17-Mar-2010.