Management Update: FedEx fiscal Q3 takes off.
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In a sign that the economic recovery is making progress, FedEx announced last month that net income for the fiscal third quarter of $239 million was up 146 percent over last year's $97 million. Spurred by strong growth through FedEx Ground and international express, quarterly revenue at $8.7 billion was up 7 percent from a year ago. Operating income, at $416 million, was up 129 percent from $182 million over the fiscal third quarter a year ago, with a quarterly operating margin of 4.8 percent up from 2.2 percent. “Outstanding execution of our business strategy and an improving global economy drove solid financial performance in the quarter,” said FedEx Chairman, President, and CEO Frederick W. Smith.
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