FedEx Corp. profits up in latest quarter, fiscal year

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FedEx Corp.’s net income rose 7 percent in the quarter ended May 31 from the same 2006 quarter to $610 million, the company reported. For the fiscal year, which also ended May 31, net income rose 12 percent to $2.02 billion.

In the fourth quarter, total combined average daily package volume at FedEx Express and FedEx Ground grew approximately 4 percent year over year for the quarter, led by continued growth in ground and international express shipments. Shipment volumes and revenues at FedEx Express, FedEx Ground and FedEx Freight were lower than anticipated in the fourth quarter due to the softer economy, the company said. For the fiscal year as a whole, however, the company benefited from strong growth in the FedEx Ground segment.