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FedEx revenue jumps 20% in quarter to 31-May-2010

17-Jun-2010 11:12 AM

FedEx revenue jump 20% - financial highlights:

  • Three months ended 31-May-2010:
    • Total revenue: USD9,428 million, +20% year-on-year;
      • FedEx Express: USD5,877 million, +23%;
      • FedEx Ground: USD1,962 million, +15%;
      • FedEx Freight: USD1,231 million, +30%;
      • FedEx Services: USD448 million, -6%;
    • Operating costs: USD8,732 million, stable;
      • Labour: USD3,677 million, +13%;
      • Fuel: USD886 million, +64%;
    • Operating profit: USD696 million, compared with a loss of USD849 million in p-c-p;
    • Net profit: USD419 million, compared with a loss of USD876 million in p-c-p;
  • 12 months ended 31-May-2010:
    • Total revenue: USD34,734 million, -2%;
      • FedEx Express: USD21,555, -4%;
      • FedEx Ground: USD7,439, +6%;
      • FedEx Freight: USD4,321 million, -2%;
      • FedEx Services: USD1,770 million, -10%;
    • Operating costs: USD32,736 million, -6%;
      • Labour: USD14,027 million, +2%;
      • Fuel: USD3,106 million, -18%;
    • Operating profit: USD1,998 million, +167.5%;
    • Net profit: USD1,184 million, compared with a net profit of USD98 million in p-c-p. [more]

FedEx: "We expect continued improvement in both revenue and earnings in fiscal 2011. Resumed growth in industrial production and global trade is increasing demand for our transportation services, and yield management remains a top priority across all of our operating companies. However, we expect the growth in earnings in fiscal 2011 to be constrained by significant increases in fixed pension and volume-related aircraft maintenance expenses, along with higher anticipated healthcare costs. In addition, our earnings guidance includes increased costs related to the planned reinstatement of various employee compensation programmes. We remain fully focused on improving yields, margins, returns and cash flow. Our cash flow from operations was sufficient to fund our fiscal 2010 capital investments and we expect this to be the case again in fiscal 2011," Alan Graf Jr, Executive Vice President and CFO. Source: FedEx, 16-Jun-2010.