• ITVI.USA
    16,030.520
    117.340
    0.7%
  • OTLT.USA
    2.809
    0.016
    0.6%
  • OTRI.USA
    22.220
    -0.080
    -0.4%
  • OTVI.USA
    16,016.550
    115.560
    0.7%
  • TSTOPVRPM.ATLPHL
    2.950
    -0.570
    -16.2%
  • TSTOPVRPM.CHIATL
    3.610
    0.650
    22%
  • TSTOPVRPM.DALLAX
    1.370
    -0.240
    -14.9%
  • TSTOPVRPM.LAXDAL
    3.550
    0.210
    6.3%
  • TSTOPVRPM.PHLCHI
    2.320
    0.220
    10.5%
  • TSTOPVRPM.LAXSEA
    4.110
    0.250
    6.5%
  • WAIT.USA
    126.000
    0.000
    0%
  • ITVI.USA
    16,030.520
    117.340
    0.7%
  • OTLT.USA
    2.809
    0.016
    0.6%
  • OTRI.USA
    22.220
    -0.080
    -0.4%
  • OTVI.USA
    16,016.550
    115.560
    0.7%
  • TSTOPVRPM.ATLPHL
    2.950
    -0.570
    -16.2%
  • TSTOPVRPM.CHIATL
    3.610
    0.650
    22%
  • TSTOPVRPM.DALLAX
    1.370
    -0.240
    -14.9%
  • TSTOPVRPM.LAXDAL
    3.550
    0.210
    6.3%
  • TSTOPVRPM.PHLCHI
    2.320
    0.220
    10.5%
  • TSTOPVRPM.LAXSEA
    4.110
    0.250
    6.5%
  • WAIT.USA
    126.000
    0.000
    0%
American Shipper

FEDEX 2ND-QUARTER NET INCOME UP 13%

FEDEX 2ND-QUARTER NET INCOME UP 13%

   As anticipated, FedEx Corp. reported double-digit earnings growth during its second quarter, as net income rose 13 percent to $194 million for the period ending Nov. 30.

   The giant integrator said Dec. 14 that it is experiencing a softening in third-quarter volumes due to the economy and severe weather conditions.

   For the second quarter, operating income rose 13 percent to $345 million on revenue of $4.9 billion, up 7 percent.

   FedEx Express saw operating income jump 28 percent to $271 million on revenue of $4.0 billion, up 7 percent. FedEx International Priority, the fastest growing segment, saw revenue increase more than 16 percent compared to a robust year-earlier quarter. FedEx Express' U.S. domestic overnight box service rose 4 percent.

   FedEx Ground, the small-package ground delivery service, saw operating income fall 13 percent to $57 million, despite a 12-percent increase in revenues, to $582 million. The operating income included a $13-million loss associated with the operation and expansion of the company's FedEx Home Delivery service and expenses associated with rebranding.

      FedEx Home Delivery saw second-quarter daily volumes double over the first quarter. This helped FedEx Ground's daily volume rate improve by 7 percent, while yield increased 4 percent.

   During the quarter, FedEx Corp. acquired regional motor carrier American Freightways Corp. for about $1.2 billion, including assumed debt, payable in cash and FedEx stock. The purchase expands into the next-day less-than-truckload freight market. Coupled with FedEx subsidiary Viking Freight, FedEx will be able to provide all-points coverage in 48 states.

   The purchase of American Freightways is expected to be completed in the first quarter of 2001.

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