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FedEx Corp FY1Q2009-10 revenue down 20%

18-Sep-2009 11:25 AM

FedEx Corp revenue down 20% - financial highlights for the three months ended 31-Aug-2009:

  • Revenue: USD8,009 million, -20% year-on-year;
    • FedEx Express: USD4,924 million, -23%;
    • FedEx Ground: USD1,730 million, -2%;
    • FedEx Freight: USD982 million, -27%;
    • FedEx Services: USD451 million, -12%;
  • Operating costs: USD7,694 million, -18%;
    • Labour: USD3,377 million, -6%;
  • Operating profit: USD315 million, -50%;
    • FedEx Express: USD104 million, -70%;
    • FedEx Ground: USD209 million, +7%;
    • FedEx Freight: USD2 million, -98%;
  • Net profit: USD181 million, -53%;
  • Total average daily packages: 3.3 million, -1%;
  • Domestic: 2.6 million, stable;
  • Revenue per package:
  • US domestic: USD14.02, -23%. [more]

FedEx: “While we see signs of improvement in the economy, the year-over-year comparisons will remain very difficult for our second quarter,” Alan Graf Jr, Executive Vice President & CFO. Source: FedEx, 17-Sep-2009.

FedEx: “FedEx reiterates its earnings expectation of USD0.65 to USD0.95 per diluted share in the second quarter, which reflects the current outlook for fuel prices and a continued modest recovery in the global economy. A substantial decline is expected from USD1.58 per diluted share a year ago, when the company significantly benefited from rapidly declining fuel prices and the timing lag that exists between when fuel prices change and when indexed fuel surcharges automatically adjust. The company’s capital spending forecast remains USD2.6 billion,” Company statement. Source: FedEx, 17-Sep-2009.