FedEx profit down 12 percent in wake of massive U.S. storm

Wed Dec 19, 2012 7:37am EST

Dec 19 (Reuters) - FedEx Corp reported an 11.9 percent drop i n quarterly profit, hurt by higher costs and lower shipment volumes in the wake of Superstorm Sandy as well as its customers' shift to lower-cost shipping methods.

The No. 2 U.S. package-delivery company on Wednesday reported fiscal second-quarter earnings of $438 million, or $1.39 per share, compared with $497 million, or $1.57 per share, a year earlier.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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