FedEx Profit Flat; Expenses Increase
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From Bloomberg News
FedEx Corp., the largest overnight delivery company, said profit in its fiscal second quarter was unchanged as costs rose faster than sales and year-earlier results benefited from $116 million in government aid after Sept. 11.
Net income was flat at $245 million, or 81 cents a share. Revenue climbed 10% to $5.67 billion, after the company handled more shipments from Asia and Europe and carried more packages by truck.
FedEx shares fell 69 cents to $52.91 on the NYSE.
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