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Indiaexportnews.com

FedEx back in black as sales soar 20.8pc after TNT takeover

  27.06.2017    

Memphis-based Federal Express reversed itself out of last year's fourth quarter loss of US$70 million with a net profit of $1.02 billion as quarterly revenue increased 20.8 per cent year on year to $15.7 billion, according to Shipping Gazette.
For the full fiscal year, FedEx posted a $3 billion net profit, up 64.8 per cent year on year as revenues increased 19.6 per cent to $60.3 billion.
After adjusting for new foreign currency taxes, the adoption of new accounting standards relating to the TNT Express takeover, and FedEx Ground's expansion, the company said its profit reflected tax benefits of $104 million.
"Strong fourth quarter results completed a record fiscal 2017," said FedEx CEO Frederick Smith.
"We enter fiscal 2018 confident FedEx Corp will continue to deliver outstanding value and opportunities for shareowners, customers and team members for years to come," he said.
During the quarter, the company saw revenue within the FedEx Express segment increase seven per cent to $7.18 billion, primarily due to increased package volume, driven by international export growth of five per cent, and higher base rates, said the company.
Operating results increased primarily due to higher base rates, increased package volume, a positive net benefit from fuel and the continued benefit of cost management initiatives.
Newly-integrated TNT Express saw fourth quarter revenues of $1.91 billion, with the as-reported results including $37 million of integration expenses and restructuring charges and $20 million of intangible asset amortisation expenses.
The FedEx Ground segment saw quarterly revenues increase nine per cent $4.68 billion in 2017. The company attributed the increase primarily to higher base rates and average daily package volume growth of three per cent.
The FedEx Freight revenues increased six per cent. Again higher base rates and fuel surcharges were credited for the increase.
Looking ahead, the company is predicting another record peak season and also continued growth in large package delivery because of the growth in the types of products being sold online.



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