OREANDA-NEWS. For the first quarter, the FedEx Express segment reported:

• Revenue of USD 6.86 billion, up 4% from last year's USD 6.61 billion

• Operating income of USD 369 million, up 35% from USD 273 million a year ago

• Operating margin of 5.4%, up from 4.1% the previous year

Revenue increased due to higher U.S. domestic package volume and international export package yields partially offset by lower freight revenue.  U.S. domestic package volume grew 5%, as 8% growth in overnight and deferred box volume was partially offset by lower envelope volume.  U.S. domestic yield increased 1% from higher fuel surcharges, changes in service mix and increased rates.  FedEx International Priority(r) volume grew 1%, while FedEx International Economy(r) volume increased 3%.  International export revenue per package increased 3% due to fuel surcharges, higher rates and weight per package.

Operating income and margin improved as higher U.S. domestic package volume, improved international export yield and benefits from profit improvement programs more than offset higher aircraft maintenance expense and lower freight revenues.