FedEx posts higher second-quarter profit
(Reuters) - FedEx Corp (FDX.N: Quote, Profile, Research, Stock Buzz) posted higher quarterly profit on Wednesday as the shipping company cut costs and its express delivery segment, its biggest business, made more money.
FedEx earned $500 million, or $1.57 a share, in the second quarter ended November 30, versus $438 million, or $1.39, in the same quarter last year.
FedEx's express unit had suffered as clients chose slower, cheaper delivery options. To combat that, it revamped routes and trimmed capacity to Asia and other international markets.
Shares of FedEx fell 1.5 percent to $136.97 in premarket trading. The stock is up about 52 percent year to date, while the S&P has risen about 25 percent in the same time, according to per Thomson Reuters data.
(Reporting by Nivedita Bhattacharjee in Chicago; Editing by Jeffrey Benkoe)