William B. Cassidy | Jun 22, 2011 10:44AM EDT
FedEx increased revenue 12 percent in the quarter and 13 percent in the fiscal year that ended May 31, reporting total annual revenue of $39.3 billion.
The package and freight delivery giant’s profit shot up 33 percent in the quarter to $558 million and 23 percent for the full year to $1.5 billion.
The February-to-May quarter saw improvements in all of FedEx’s units after higher fuel costs and declining demand cut into its income in the previous quarter.
In the last quarter, the FedEx Ground U.S. package operation was the fastest growing division of FedEx, increasing revenue 15 percent to $2.3 billion.
FedEx Express increased revenue 13 percent in the quarter to $6.6 billion, buoyed by stronger pricing and fuel surcharges in the U.S. and higher volume from Asia.
Less-than-truckload giant FedEx Freight returned to profit in the quarter, posting $42 million in operating income as revenue jumped 6 percent from a year ago.
For the full year, FedEx Express, FedEx Ground and FedEx Freight all increased revenue 14 percent. FedEx Freight lost $175 million in fiscal 2011.
FedEx Express increased its full-year profit 9 percent to $1.2 billion, while FedEx Ground’s profit leaped 29 percent to $1.3 billion for the full year.
-- Contact William B. Cassidy at wcassidy@joc.com. Follow him on Twitter @wbcassidy_joc.
