FedEx Corporation (NYSE: FDX) on Wednesday reported financial results for the first quarter of 2024. There was a marked increase in operating margin.
Net income, adjusted for special items, came in at $4.55 per share in the most recent quarter, compared to $3.44 per share in the year-ago period. Unadjusted profit was $1.08 billion or $4.23 per share in the August quarter, vs. $875 million or $3.33 per share in the corresponding period of 2023.
Total revenues were $21.7 billion in the three-month period, compared to $23.2 billion last year. Operating margin increased to 6.8% from 5.1% last year.