FedEx Reports Profits Up 23% for 3rd Quarter

March 19, 2003

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FedEx Corp., Memphis, Tenn., reported profits were up 23% for the third quarter. The company also reported earnings of $147 million, or 49 cents per share
for the quarter ended Feb. 28 compared with $120 million, or 39 cents a share, a year ago.
For the quarter ending Feb. 28, the company reported revenues of $5.5 billion, an increase of 10% over the same period last year, and operating income of $269 million, an increase of 14%. The company said package volume grew a combined 9% in its two largest divisions.
The company expects growth to continue into the fourth quarter, predicting per share earnings of 88 to 95 cents.
FedEx Ground, the company's trucking operation, reported revenues of $844 million, up 26%, and operating income of $109 million, up 58%. Package volume was up 24%.
FedEx Express, the company's rapid-delivery service, reported revenues of $4.06 billion, up 8%, and operating income of $133 million, down 8%. Package volume was up slightly for the division.

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