FINANCE & OPERATION

摘要

FedEx Corporation reported net income down 18.0% y-o-y in its second fiscal quarter to $283 million, as total revenues rose 12.1% to $9.63 billion. Operating income for the quar-ter was down 17.9%. The company said that the declines in net income and operating income were due to costs related to the previously announced combination of the company's two LTL trucking operations (FedEx Freight and FedEx National), and also to "a reserve associated with a legal matter at FedEx Express." It also pointed out that last year's second quarter results received a benefit from changes in a self-insurance program. Absent these one-off items, net income would have been up 10% over 2QFY10, rather than down 18%. As can be seen in the chart at right, operational, revenue, and yield num-bers were up for every product in every segment. And while the comparison quarter (September through November 2009) was not the best quarter in FedEx's history, the company had turned the corner on the recession by then and was posting im-proving results, so the current quarter results are not inflated by a too-soft comparison.