17-Sep-2015 1:48 PM
FedEx operating profit up 8% in 1QFY2016, expects strong earnings growth for the year
FedEx revenue up 5% - financial highlights for three months ended 31-Aug-2015:
- Revenue: USD12,279 million, +5% year-on-year;
-
- FedEx Express: USD6591 million, -4%;
- FedEx Ground: USD3830 million, +29%;
- FedEx Freight: USD1601 million, stable;
- FedEx Service: USD390 million, +4%;
- Operating costs: USD11,135 million, +5%;
-
- Labour: USD4525 million, +10%;
- Operating profit: USD1144 million, +8%;
-
- FedEx Express: USD545 million, +45%;
- FedEx Ground: USD537 million, -1%;
- FedEx Freight: USD132 million, -21%;
- Net profit: USD692 million, +6%;
- Total assets: USD37,245 million;
- Cash and cash equivalents: USD3543 million;
- Total liabilities: USD21,962 million. [more - original PR]
FedEx: "Our new fiscal 2016 outlook is modestly lower than our initial forecast due primarily to weaker LTL industry demand and higher than expected self insurance reserves and operating costs at FedEx Ground. We still expect strong earnings growth this year, as we remain focused on executing our profit improvement program, leveraging e-commerce growth and enhancing our revenue quality," Alan Graf, EVP and CFO. Source: Company statement, 16-Sep-2015.