US parcels giant FedEx saw third quarter revenues up four per cent to $11.7bn.
“We had a very successful peak season as volumes grew across all transportation segments, and our profit improvement programs are moving ahead as scheduled,” said Fred Smith, FedEx Corp chairman, president and chief executive officer.
Operating results for the third quarter ended February 28 improved due to volume and base yield growth in all three transportation segments of ground, freight and express.
There was also a “significant net benefit” from fuel, benefits from profit improvement program initiatives, a lower year-over-year weather impact and reduced pension expense.
These improvements were partially offset by higher variable incentive compensation accruals.
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