FedEx reports increased revenue

FedEx reported earnings of US$2.59 per diluted share (US$2.80 per diluted share on an adjusted basis) for the second quarter ended November 30, compared to earnings of US$2.44 per diluted share a year ago (US$2.58 per diluted share last year on an adjusted basis). Operating income rose compared to last year primarily due to the inclusion of TNT Express and increased base rates and ongoing cost efficiencies at FedEx Express. These factors were partially offset by TNT Express integration and restructuring program costs and intangible asset amortization, and lower operating income at FedEx Ground and FedEx Freight. A gain from the sale of an investment benefited the quarter’s results by US$0.08 per diluted share. In addition, the adoption of a new accounting standard related to share-based payment transactions benefited the quarter’s results by US$0.07 per diluted share.