Memphis-based FedEx Corp. reported higher income and earnings in the fourth quarter of its fiscal year 2014 ending May 31, riding on higher volumes and more efficient operations at its freight forwarding unit, increased volumes and yields at its ground division, and better revenue and cost performance at its express segment.
Net income in the fourth quarter of its fiscal 2014 reached US$730 million from $679 million in the fourth quarter of 2013, while revenue amounted to $11.8 billion from $11.4 billion.
Earnings per diluted share rose to $2.46 in the fourth quarter, up from $2.13 per diluted share year-over-year.
“An outstanding fourth quarter helped FedEx post solid results for fiscal 2014, and we believe we are well positioned for a strong fiscal 2015,” said Frederick W. Smith, group chairman, president, and chief executive officer.
For fiscal year 2014, FedEx reported revenue of $45.6 billion from $44.3 billion the preceding year. Net income rose to $2.10 billion from $1.98 billion, while earnings per share added up to $6.75 from $6.23.
For fiscal 2015, the company projects earnings to be $8.50 to $9 per diluted share.
“Fiscal 2014 was a good year for FedEx and we expect fiscal 2015 to be even better,” said Alan B. Graf, Jr., group executive vice president and chief financial officer. “With continued modest economic improvement, our results in fiscal 2015 should benefit from base performance improvement and ongoing execution of our profit improvement initiatives at FedEx Express, continued profitable growth at FedEx Ground and FedEx Freight, and our share repurchase program.”
Photo: Jason Sisk
