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Peak season pays off for FedEx

PRESS RELEASE

March 18, 2015: FedEx Corp. today reported earnings of $2.01 per diluted share for the third quarter ended February 28, compared to $1.23 per share last year.

"We had a very successful peak season as volumes grew across all transportation segments, and our profit improvement programs are moving ahead as scheduled," said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. "We believe our strategy is sound, our culture is unique, and our customers value our broad portfolio of business solutions."

Third Quarter Results

FedEx Corp. reported the following consolidated results for the third quarter:

  • Revenue of $11.7 billion, up 4% from $11.3 billion the previous year
  • Operating income of $962 million, up 50% from $641 million last year
  • Operating margin of 8.2%, up from 5.7% the previous year
  • Net income of $580 million, up 53% from last year's $378 million

Operating results improved due to volume and base yield growth in all three transportation segments, a significant net benefit from fuel, benefits from profit improvement program initiatives, a lower year-over-year weather impact and reduced pension expense. These improvements were partially offset by higher variable incentive compensation accruals.

Outlook: FedEx projects earnings to be $8.80 to $8.95 per diluted share for fiscal 2015. This outlook assumes continued moderate global economic growth. The capital spending forecast for fiscal 2015 remains $4.2 billion.

"We expect continued revenue and earnings growth this year, driven by ongoing improvements in all of our transportation segments," said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. "Variable incentive compensation accruals will continue to increase as our financial performance improves, and we expect to deliver record fourth quarter and fiscal year earnings."

 

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