FedEx $FDX reported results for the second quarter of fiscal year 2023.

Results:

The company reported higher earnings per share of $4.23 (GAAP) and adjusted earnings per share of $4.55 (non-GAAP) compared to $3.33 and $3.44, respectively, in the same period last year. Revenues were $21.7 billion, down $1.5 billion year-over-year.

Operating profit rose to USD 1.49 billion from USD 1.19 billion a year ago. Operating margin increased to 6.8% from 5.1%. Operating profit growth was driven primarily by the FedEx Ground division, where operating profit rose 59% due to improved revenue and cost reductions. Conversely, revenue was down 9%, but this was more than offset by cost savings.