Parcel carrier FedEx Corp. said its income grew 14% in its fiscal second quarter, driven largely by improvements in its Express airfreight unit.
Net income was $500 million, or $1.57 per share in the quarter ended Nov. 30, compared with $438 million, or $1.39 a share, in the same quarter last year, FedEx announced in a Dec. 18 statement. Last year's earnings dropped by 11 cents per share due to effects of Superstorm Sandy.
"FedEx posted solid second-quarter earnings, reflecting improved performance at FedEx Express, as the profit-improvement plan introduced more than a year ago continues to gain momentum," CEO and Chairman Fred Smith said in the statement.
FedEx Express saw an operating income of $326 million, a 42% increase over last year despite a slight decrease in revenue to $6.84 billion, the company said. Lower freight revenue and fuel surcharges were offset by higher base package yields.