Exhibit 99.1

 

 

 

 

 

FedEx Corp. Reports Strong First Quarter Results

 

MEMPHIS, Tenn., September 15, 2020 ... FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the first quarter ended August 31 (adjusted measures exclude TNT Express integration expenses as described below):

 

 

 

Fiscal 2021

 

Fiscal 2020

 

 

As Reported

(GAAP)

 

Adjusted

(non-GAAP)

 

As Reported

(GAAP)

 

Adjusted

(non-GAAP)

Revenue

 

$19.3 billion

 

$19.3 billion

 

$17.0 billion

 

$17.0 billion

Operating income

 

$1.59 billion

 

$1.64 billion

 

$0.98 billion

 

$1.05 billion

Operating margin

 

8.2%

 

8.5%

 

5.7%

 

6.1%

Net income

 

$1.25 billion

 

$1.28 billion

 

$745 million

 

$800 million

Diluted EPS

 

$4.72

 

$4.87

 

$2.84

 

$3.05

 

This year’s and last year’s quarterly consolidated results have been adjusted for TNT Express integration expenses of $49 million ($0.14 per diluted share) for this year and $71 million ($0.21 per diluted share) for last year.

 

“Our earnings growth underscores the importance of our business initiatives and investments over the last several years, and, in many ways, the world has accelerated to meet our strategies,” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “I would like to thank our team members whose efforts during this time have helped keep the world’s health care, industrial and at-home supply chains moving despite the challenges of the global pandemic.”

 

Operating results increased due to volume growth in FedEx International Priority and U.S. domestic residential package services, yield improvement at FedEx Ground and FedEx Freight, and one additional operating weekday.  These factors were partially offset by costs to support strong demand and to expand services, variable compensation expenses, and COVID-19 related costs incurred to ensure the safety of FedEx team members and customers.  

 

Outlook

 

FedEx is not providing an earnings forecast for fiscal 2021.  The capital spending forecast for the year is up $200 million to $5.1 billion, driven by additional capacity initiatives to support increased volume levels.

 

 

- more -

1


The following information was filed by Fedex Corp (FDX) on Tuesday, September 15, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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