(FedEx) FedEx Corp. reported a net income of $1.11 billion in the first quarter of 2022, a decline from $1.25 billion reported in the comparable quarter of 2021.
The quarter earnings reflected about $450 million year over year uptick in labor-related costs and a fall in the US average daily freight pounds. Expansion-related costs also impacted the earnings.
Revenues were $22.0 billion, an increase from $19.3 billion reported in the comparable quarter of 2021.
FedEx is now projecting FY22 diluted earnings per share of between $18.25 and $19.50 before the MTM retirement plan accounting adjustments, which is below previously forecasted $18.90 to $19.90.
The company projects about $7.2 billion in capital spending in FY22.
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