Fedex reports big drop in Express operating income

Fedex’s operating income fell from USS $1.68 billion to US $1.21 billion during the second quarter of 2022, driven in part by a 64% fall in operating income for its Express division. The cargo giant said weaker demand played a part in the Q2 results, but added it had mitigated the impact by cutting costs, which it said included “structural air network changes and the temporary parking of aircraft”. Operating income was up 24% and 32% respectively for Fedex Ground and Fedex Freight – increases aided by package yield increases but offset by rising costs such as wages. Diluted earnings