From Bill White --
FedEx reported its fiscal first-quarter financials today, saying its international traffic continues to be its strong performer. Much of its U.S.-Asia air cargo flows through Anchorage, where the Memphis-based company has a massive sorting hub.
But FedEx Corp. indicated the global economic recovery remains uneven, the AP reports. "While strength in international shipments is boosting net income, FedEx is cutting 1,700 jobs in its U.S. freight business to offset losses there."
"International air shipments have driven FedEx's results for more than a year; international revenue rose 24 percent in the quarter ended Aug. 31. But while FedEx earned $380 million in the first quarter, the FedEx Freight segment lost $16 million and has been unprofitable for four straight quarters."
It's first-quarter profit compared with $181 million in the August-ending quarter last year.
Revenue totaled $9.5 billion, up from $8 billion in the same quarter a year ago.
Here's the company's earnings release.