Benefiting greatly from the Tax Cuts and Jobs Act (TCJA) championed by President Trump and passed in the U.S. Congress last year, FedEx Corp. reported a whopping 269 percent rise in quarterly net income, worth more than US$2 billion, said the Memphis-based integrator as it released its third-quarter figures for the 2017 fiscal year. The re-measurement of FedEx’s tax liability under TCJA, totaled $1.15 billion for the quarter.
There was operational good news, too. Yields for the package and freight rose across the board for FedEx’s Express, Freight and Ground units. Volumes also increased for each unit, with the exception of Express. Operating income dropped slightly in Q3, but overall revenues soared by more than 10 percent to reach $16.53 billion, according to FedEx.
For much more detailed information on FedEx’s Q3 results, please see Charles Kauffman’s assessment in our sister publication, Cargo Facts: