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FedEx records 24.7% jump in quarterly profit to US$1.1 billion
March 21st 2022
Air cargo giant, FedEx, has unveiled a net profit of US$1.1 billion for its latest reported quarter, up 24.7% from US$892 million in the same three months in 2021. Read More » Revenue increased 9.8%, to US$23.6 billion, FedEx said in a regulatory filing to the New York Stock Exchange. “Our strong quarterly operating income increase was dampened by the surge of the Omicron variant that caused disruptions to our networks and diminished customer demand in January and into February," FedEx executive vice president and chief financial officer, Michael Lenz, said. "We remain focused on revenue quality and operational efficiency initiatives to mitigate inflationary pressures and drive earnings improvement."
