FedEx’s 3rd-Quarter Earnings Climb
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FedEx Corp. said profit rose 23% in its fiscal third quarter as it gained market share in ground shipments from smaller rival United Parcel Service Inc.
Net income climbed to $147 million, or 49 cents a share, from $120 million, or 39 cents, in the same period a year earlier, the Memphis, Tenn.-based company said. Sales rose 10% to $5.55 billion.
FedEx has had success persuading customers that use its air service to also use it for deliveries by truck.
The number of shipments carried by the ground unit climbed 24%, and profit from the business climbed 58% to $109 million.
FedEx shares climbed $3.50 to $55.18 on the NYSE.
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