Yesterday, in addition to the announcement that FedEx ordered for twelve 767Fs, and twelve 777Fs in a deal valued at US$6.6 billion, the express giant reported revenue up 10.1 percent, y-o-y, in its fiscal fourth quarter (ended 31 May) to a record $17.31 billion. Net income for the quarter was $1.13 billion, up 10.5 percent from $1.02 billion in 4QFY17, and operating income for the quarter was $1.58 billion (compared to a $70 million loss).
As usual, though, the as-reported net and operating income numbers come with a caveat. After adjusting for a variety of one-off factors, such as changes to pension accounting rules and the costs associated with the acquisition in 2016 of TNT, things look somewhat different: Adjusted net income was up 40 percent to $1.13 billion.
For more details, please see Charles Kauffman’s analysis in our sister publication, Cargo Facts: