Sep 17, 2020, 10:00 EST
Bronx, United States, Sep 17, 2020, 10:00 /Comserve / -- FedEx Corp., on Sept. 15, 2020, announced the consolidated results for the first quarter ended Aug. 31, 2020. It earned a net income of USD 1.25 billion during the three months which ended Aug. 31 which is FedEx’s fiscal first quarter.
MEMPHIS, Tenn., Sept. 16, 2020 - FedEx Corp., on Sept. 15, 2020, announced the consolidated results for the first quarter ended Aug. 31, 2020. It earned a net income of USD 1.25 billion during the three months which ended Aug. 31 which is FedEx’s fiscal first quarter. This saw an increase from USD 745 million a year before. The revenue was recorded at USD 19.3 billion in the current FY which was a rise from USD 17 billion in the previous year.
There has been an adjustment of this year’s and last year’s quarterly consolidated results for TNT Express integration expenses of USD 49 million this year which is USD 0.14 per diluted share. This is in comparison to USD 71 million last year which is USD 0.21 per diluted share.
The Chairman and Chief Executive Officer of FedEx Corp., Frederick W. Smith talked about how the earnings growth underscored the importance of their business initiatives and investments in the previous few years. He also mentioned a note of thanks to FedEx’s team members who helped to keep the world’s health care, industrial, and at-home supply chains functioning even with the challenges of the global pandemic.
Due to the growth in volume in the U.S. domestic residential package services and FedEx International Priority, there was an increase in operating results. There was a partial offset of these factors with the help of costs to support a strong demand and expansion of services. Other factors include variable compensation expenses and Covid-19 related costs to ensure the safety of the team members and customers.
According to Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer, the business improved in the first quarter even though uncertainties clouded their ability to forecast full-year earnings. He also mentioned that FedEx will continue to benefit due to its well-established position in the U.S. and international package and freight markets. They also expect to yield improvement opportunities and cost management initiatives.
Subsidiaries of FedEx Corp. like FedEx Express, FedEx Ground, and FedEx Freight will be increasing shipping rates starting from Jan 4, 2021. This increase will be by an average of 4.9% for U.S domestic, U.S. export, and U.S. import services.
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