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FedEx profits increase in 1QFY2014, confident of full year earnings outlook

19-Sep-2013 10:12 AM

FedEx revenue up 2% - financial highlights for three months ended 31-Aug-2013:

  • Revenue: USD11,024 million, +2% year-on-year;
    • FedEx Express: USD6605 million, stable;
    • FedEx Ground: USD2730 million, +11%;
    • FedEx Freight: USD1424 million, +2%;
    • FedEx Services: USD375 million, -4%;
  • Total operating costs: USD10,229 million, +2%;
  • Operating profit: USD795 million, +7%;
    • FedEx Express: USD236 million, +14%;
    • FedEx Ground: USD468 million, +5%;
    • FedEx Freight: USD91 million, +1%;
  • Net profit: USD489 million, +7%;
  • Total asset: USD33,673 million;
  • Cash and cash equivalents: USD5096 million;
  • Total liabilities: USD10,495 million. [more - original PR]

FedEx: “We remain confident in our full year earnings outlook despite tepid global economic growth. FedEx Express continued to execute on its profit improvement initiatives during our first quarter. We remain focused and are committed to FedEx Express achieving its USD1.6 billion operating profit improvement target by the end of fiscal 2016,” Alan Graf, EVP and CFO. Source: Company statement, 18-Sep-2013.