FedEx Corp reported a steady growth in revenues and profits in the last financial quarter. Revenues were $23.6bn, up from $21.5bn in 2021, while adjusted operating profits grew from $1.06bn in 2021 to $1.46bn in 2022.

The continued execution of our strategies drove improved third quarter results,” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “I am proud of our team members around the world, who are constantly proving their resilience amidst a rapidly evolving global environment. FedEx is supporting our team members and others affected by the ongoing conflict in Ukraine as we hope to soon see a return to peace.”

Higher revenue per shipment was behind the overall growth. Less severe weather also contributed to the fall in costs, though this was offset in part due to the pandemic hitting staff and impeding their ability to work. Higher temporary staff costs through the peak season also impacted the bottom line.

“We successfully executed during the holiday peak season, resulting in record December operating income,” said Michael C. Lenz, FedEx Corp. executive vice president and chief financial officer. “Our strong quarterly operating income increase was dampened by the surge of the Omicron variant which caused disruptions to our networks and diminished customer demand in January and into February. We remain focused on revenue quality and operational efficiency initiatives to mitigate inflationary pressures and drive earnings improvement.”