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FedEx Corp revenue down 15%, but "emerging from downturn"

18-Dec-2009 11:15 AM

FedEx Corp revenue down 15% - financial highlights:

  • Six months ended 30-Nov-2009:
    • Revenue: USD16,605 million, -15% year-on-year;
      • FedEx Express: USD10,238 million, -18%;
      • FedEx Ground: USD3,567 million, stable;
      • FedEx Freight: USD2,050 million, -20%;
      • FedEx Services: USD916 million, -12%;
    • Operating costs: USD15,719 million, -13%;
      • Labour: USD6,801 million, -4%;
    • Operating profit/loss: USD886 million, -37%;
      • FedEx Express: USD449 million, -49%;
      • FedEx Ground: USD447 million, +10%;
      • FedEx Freight: (USD10 million), -108%;
      • Net profit: USD526 million, -40%.
  • Three months ended 30-Nov-2009:
    • Revenue: USD8,596 million, -10% year-on-year;
      • FedEx Express: USD5,314, million, -13%;
      • FedEx Ground: USD1,837 million, +3%;
      • FedEx Freight: USD1,068 million, -11%;
      • FedEx Services: USD465 million, -12%;
    • Operating costs: USD8,025 million, -8%;
      • Labour: USD3,424 million -2%;
    • Operating profit/loss: USD571 million, -27%;
      • FedEx Express: USD345 million, -36%;
      • FedEx Ground: USD238 million, +12%;
      • FedEx Freight: (USD 12 million), -138%;
    • Net profit: USD345 million, -30%. [more]

Fedex: "Our balance sheet is strong, volumes are growing, and we are encouraged by our performance as we emerge from the worst economic downturn in FedEx history. While there is some uncertainty regarding the sustainability of current demand trends after our peak shipping season, we expect our strong operating leverage to provide improved year-over-year profitability in the second half of our fiscal year. Effective cost management remains a priority and should continue to benefit results,” Alan B. Graf Jr., Executive Vice President & CFO. Source: Fedex, 17-Dec-2009.