FedEx reports double digit profit declines in 4Q and FY2013

FedEx revenue up 4% - financial highlights:

• Three months ended 31-May-2013:
  • Revenue: USD11,435 million, +4% year-on-year;
    • Express segment: USD6977 million, +3%;
    • Ground segment: USD2776 million, +12%;
    • Freight segment: USD1388 million, -1%;
    • Services segment: USD406 million, -6%;
  • Operating costs: USD10,933 million, +8%;
  • Operating profit: USD502 million, -41%;
    • Express segment: -100%;
    • Ground segment: USD464 million, -6%;
    • Freight segment: USD38 million, -53%;
  • Net profit: USD303 million, -45%;
• 12 months ended 31-May-2013:
  • Revenue: USD44,287 million, +4%;
    • Express: USD27,171 million, +2%;
    • Ground: USD10,578 million, +10%;
    • Freight: USD5401 million, +2%;
    • Services: USD1580 million, -5%;
  • Operating costs: USD41,736 million, +6%;
  • Operating profit: USD2551 million, -20%;
    • Express: USD555 million, -56%;
    • Ground: USD1788 million, +1%;
    • Freight: USD208 million, +28%;
  • Net profit: USD1561 million, -23%;
  • Total assets: USD33,567 million, +12.2%;
  • Cash and cash equivalents: USD4917 million, +73.0%;
  • Total liabilities: USD16,169 million, +6.5%. [more - original PR]

FedEx: "We remain focused on improving margins and returns in all of our businesses. The pace of that improvement is expected to be moderate in fiscal 2014 and then accelerate in fiscal 2015. Our profit improvement program is progressing, but we continue to see the effects of customers selecting lower-rate international services. FedEx Express will further decrease capacity between Asia and the United States in July," Alan Graf, EVP and CFO. Source: Company statement, 19-Jun-2013.