FedEx Corp. Reports Second Quarter Earnings & Increased Full-Year Earnings Outlook
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Second Quarter Results
FedEx Corp. reported the following consolidated results for the second quarter:
- Revenue of $9.63 billion, up 12 percent from $8.60 billion the previous year
- Operating income of $469 million, down 18 percent from $571 million last year
- Operating margin of 4.9 percent, down from 6.6 percent the previous year
- Net income of $283 million, down 18% from $345 million a year ago
While shipments and yields grew in all transportation segments, earnings were reduced by costs related to the January 30, 2011 combination of FedEx Freight and FedEx National LTL operations, including severance costs associated with personnel reductions and non-cash asset impairment charges. Earnings were also reduced by a reserve for a legal matter at FedEx Express. The reinstatement of certain employee compensation programs, and higher pension and aircraft maintenance expenses, also impacted earnings.
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