Exhibit 99.1

 

 

 

FedEx Corp. Reports Fourth Quarter and Full-Year Earnings

 

MEMPHIS, Tenn., June 30, 2020 ... FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the fourth quarter ended May 31 (adjusted measures exclude the items listed below for the applicable fiscal year):

 

 

 

Fiscal 2020

 

Fiscal 2019

 

 

As Reported

(GAAP)

 

Adjusted

(non-GAAP)

 

As Reported

(GAAP)

 

Adjusted

(non-GAAP)

Revenue

 

$17.4 billion

 

$17.4 billion

 

$17.8 billion

 

$17.8 billion

Operating income

 

$475 million

 

$907 million

 

$1.32 billion

 

$1.72 billion

Operating margin

 

2.7%

 

5.2%

 

7.4%

 

9.6%

Net (loss) income

 

($334 million)

 

$663 million

 

($1.97 billion)

 

$1.32 billion

Diluted (loss) EPS

 

($1.28)

 

$2.53

 

($7.56)

 

$5.01

 

This year’s and last year’s quarterly and full-year consolidated results have been adjusted for:

 

Impact per diluted share

 

 

Fiscal 2020

 

Fiscal 2019

 

 

 

Fourth Quarter

 

Full Year

 

Fourth Quarter

 

Full Year

Mark-to-market retirement plan

   accounting adjustment

 

 

$2.22

 

$2.22

 

$11.33

 

$11.22

Goodwill and other asset

   impairment charges

 

 

1.40

 

1.58

 

 

TNT Express integration

    expenses

 

 

0.18

 

0.80

 

0.26

 

1.18

Business realignment costs

 

 

 

 

0.91

 

0.91

FedEx Ground legal matter

 

 

 

 

 

0.16

Net U.S. deferred tax liability

   remeasurement

 

 

 

 

 

0.02

 

“Though our fiscal fourth quarter performance was severely affected by the COVID-19 pandemic, I am extremely proud of the herculean efforts of our team members,” said Frederick W. Smith, FedEx Corp. chairman and CEO.  “With safety as the first priority, these men and women provided essential transportation of critical supplies across the globe and delivered peak-level e-commerce volumes in the United States. As a result of the strategic investments we have made to enhance our capabilities and efficiencies, FedEx is well positioned to support and benefit from the reopening of the global economy.”

 

- more -

1


The following information was filed by Fedex Corp (FDX) on Tuesday, June 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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