FedEx Corp. reported profits grew year-over-year, increasing 65% over the last 12 months and easily beating the Bloomberg News consensus forecast on both an annual and quarterly basis.
In the fiscal fourth quarter, FedEx generated $1 billion in net income or $3.75 per share compared with a $70 million loss or 26 cents one year ago. However, the results from 2016 included a mark-to-market pension adjustment and a tax impact related to the TNT Express purchase that affected bottom-line results.
The Memphis, Tenn., carrier earned $3 billion in profits for the full fiscal year ending May 31, or $11.07. In fiscal year 2016, FedEx earned $1.82 billion or $6.51.
