Memphis, Tenn.-based Federal Express Corp. reported a...

Memphis, Tenn.-based Federal Express Corp. reported a 27% increase in revenue for the second quarter ended Nov. 30, compared to the same period last year. Income from continuing operations declined to $34.4 million from $49.4 million due to the recently passed tax legislation that caused the effective tax rate to increase to 57% to 37% in last year’s second quarter. This increase includes a one-time adjustment for investment tax credits taken in the previous fiscal year. As a result, earnings per share from continuing operations decreased to 66 cents from $1.01.