Profit for parcel delivery and trucking company FedEx Corp., ticked higher in its latest quarter ending May 31, as revenue was essentially unchanged as it said it benefitted from higher rates and freight volume.
Net income for its fiscal 2018 fourth quarter totaled $1.13 billion, or $4.15 per share, compared to year-ago net income of $1.02 billion, or $3.75 per share. Revenue in the most recent quarter was $17.3 billion compared to $15.7 billion a year earlier.
The results include a $255 million net tax benefit from corporate structuring transactions as part of the ongoing integration of FedEx Express and TNT Express and a $133 million tax benefit from foreign tax credits associated with distributions to the U.S. from the company’s offshore operations, according to the company.
For its entire fiscal 2018 FedEx reported net income of $4.57 billion, or $16.79 per share, versus fiscal 2017 net income of $3 billion, or $11.07 per share. This included $2.21 billion in tax benefits, of which $1.6 billion was due to congressional tax reform efforts late last year.
For its fiscal fourth quarter the FedEx Freight segment reported a 16% gain in revenue as its operating income improved 35%. FedEx Ground showed a 12% increase in revenue while operating income grew 18%.
Year-over-year operating income at the FedEx Express segment grew 11% during the fiscal fourth quarter to $990 million while revenue total $9.6 billion compared to $8.82 billion a year earlier.