Cargo giant FedEx Corporation (NYSE: FDX) Tuesday reported a decline in fourth-quarter adjusted earnings, hurt by a 10% dip in revenues.
Net income, adjusted for special items, dropped to $4.94 per share in the most recent quarter from $6.87 per share in the year-ago period. Unadjusted profit, meanwhile, rose sharply to $1.54 billion or $6.05 per share from $558 million or $2.13 per share a year earlier.
Total revenues decreased 10% year-over-year to $21.9 billion during the three-month period. The company said that all FedEx Ground operations and personnel in Canada would transition to Federal Express Canada starting in April 2024.