FedEx earnings double in previous quarter - WMC Action News 5 - Memphis, Tennessee

FedEx earnings double in previous quarter

(WMC-TV) - Memphis-based FedEx announced Thursday that it more than doubled its earnings from the same time last year.

Profits at FedEx from December through February were twice that of a year ago.  Company officials said that is due to improvements in FedEx Ground and increased holiday shipping.

"The record peak shipping season helped a lot," said FedEx manager of investor relations Jess Bunn.  "Finally, the quarter was helped by yield management efforts, which is a term for making sure that we're capturing the most revenue we can per package."

Despite the third quarter earnings, FedEx said it is not expecting growth like that in the coming months.  High fuel costs play a role, but the company said it is adjusting.

"In particular, as the economy shifts and changes, we have options that we can offer our customers if they're interested in more economical services," said Bunn.

The Wall Street Journal reported the company plans to trim its US workforce and put some aircrafts into storage.

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