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FedEx, UPS see earnings fall

Published Monday, May 05, 2008

The country’s two largest delivery carriers reported losses in earnings for the quarter, adding to the long list of companies that have seen revenues increase but earnings shrink due to increased operating costs. FedEx Corp. reported earnings of $1.26 per diluted share for its third quarter, which ended February 29, compared to $1.35 per diluted share for its third quarter the previous year. Although revenue increased 10%, from $8.59 billion to $9.44 billion, FedEx’s income fell from $420 million to $393 million, as the company said operating margins declined because of high fuel prices and ...

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