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FedEx quarterly profit falls on labor costs By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO A FedEx truck drives through the downtown area of Los Angeles on July 22, 2019, U.S.A. REUTERS/Mike Blake/File Photo

(Reuters) – U.S. delivery firm FedEx Corp (NYSE:) posted a decline in quarterly profit on Tuesday, after labor costs crimped earnings growth from surging e-commerce shipping and higher rates and fees.

From $1.28 Billion, which was $4.87 per share a year ago, adjusted net income dropped to $1.19Billion, or $4.37 per shares, in the quarter that ended August 31.

The revenue grew to $22.0billion from $19.3billion.

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