A FedEx truck is driven through downtown in Los Angeles, California, U.S., July 22, 2019. REUTERS/Mike Blake/File Photo
Sept 21 (Reuters) – U.S. delivery firm FedEx Corp (FDX.N) posted a decline in quarterly profit on Tuesday, after labor costs crimped earnings growth from surging e-commerce shipping and higher rates and fees.
Adjusted net income fell to $1.19 billion, or $4.37 per share, for the fiscal first quarter ended Aug. 31, from $1.28 billion, or $4.87 per share, a year earlier.
Revenue increased to $22.0 billion from $19.3 billion.
Reporting by Lisa Baertlein in Los Angeles
Editing by Chris Reese
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