fedex corp (FDX) Key Developments
FedEx Corp Pilot Union's Executive Council Votes for Labor Contract
Aug 31 15
FedEx Corp. is inching closer to solidifying its new deal with the Air Line Pilots Association. The Air Line Pilots Association executive council has voted in favor of a tentative contract late August 27, 2015. With this step passed, more than 4,000 pilots will now vote on the agreement. The ballot is scheduled to begin on September 28, 2015 and end on October 20, 2015. FedEx pilots make an average of more than $200,000 annually under the current contract. Details of the tentative agreement were not released. If ratified, the contract would not become amendable until 2021.
FedEx Corp. Reaches Tentative Agreement with Pilots Union
Aug 20 15
FedEx Corp. has reached a tentative agreement with its pilots after years of negotiating the terms of their contract. Air Line Pilots Association (ALPA), which represents FedEx pilots, released a statement saying pilots had reached a tentative agreement with FedEx management on an amended collective bargaining agreement. ALPA said negotiations started in 2011 under a special interim discussions agreement, originally made by both parties, to assist in narrowing the field of open items to conclude formal bargaining in a timely manner. Formal bargaining began in January 2013 when Section 6 notices, letters laying out each side's changes to the contract, were exchanged. In October 2014, FedEx Express sought assistance from the National Mediation Board to help expedite the ongoing negotiations. FedEx pilots make an average of more than $200,000 annually under the current contract. The agreement must be reviewed and approved by the FedEx ALPA Master Executive Council, ALPA said, before it is set to a ratification vote of more than 4,000 FedEx pilots. If ratified, the contract would not become amendable until 2021.
FedEx Corporation Declares Quarterly Cash Dividend Payable on October 1, 2015
Aug 14 15
The Board of Directors of FedEx Corporation declared a quarterly cash dividend of $0.25 per share on FedEx Corporation common stock. The dividend is payable October 1, 2015 to stockholders of record at the close of business on September 10, 2015.
FedEx Corporation Presents at Boston Transportation Conference, Aug-11-2015 11:00 AM
Jul 9 15
FedEx Corporation Presents at Boston Transportation Conference, Aug-11-2015 11:00 AM. Venue: Credit Suisse offices in Boston, 1 Federal Street, 18th floor, Boston, Massachusetts, United States. Speakers: Jeff Smith, IR.
FedEx Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended May 31, 2015; Provides Earnings Guidance for Fiscal 2016
Jun 17 15
FedEx Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended May 31, 2015. For the quarter, the company reported total revenue of $12,114 million against $11,839 million a year ago. Total operating loss was $1,321 million against total operating income of $1,264 million a year ago. Pretax loss was $1,416 million against pretax income of $1,218 million a year ago. Net loss was $895 million or $3.16 per diluted share against net income of $780 million or $2.62 per diluted share a year ago. Capital expenditures were $1,378 million against $979 million a year ago. Adjusted operating income was $1.28 billion against $1.22 billion a year ago. Adjusted net income was $753 million or $2.66 per diluted share against $753 million or $2.54 per diluted share a year ago. Adjusted operating income improved 5% during the quarter, due to base yield growth in all three transportation segments, higher ground and U.S. domestic express volume, and benefits from profit improvement program initiatives.
For the full year, the company reported total revenue of $47,453 million against $45,567 million a year ago. Total operating income was $1,867 million against $3,815 million a year ago. Pretax income was $1,627 million against $3,658 million a year ago. Net income was $1,050 million or $3.65 per diluted share against $2,324 million or $7.48 per diluted share a year ago. Capital expenditures were $4,347 million against $3,533 million a year ago. Adjusted operating income was $4.26 billion against $3.59 billion a year ago. Adjusted net income was $2.57 billion or $8.95 per diluted share against $2.19 billion or $7.05 per diluted share a year ago. Adjusted operating results increased sharply during the year due to higher volumes and base yields in all three transportation segments, benefits from profit improvement program initiatives and a favorable net fuel impact. Cash provided by operating activities was $5,366 million against $4,264 million a year ago.
For fiscal 2016, the company projects adjusted earnings to be $10.60 to $11.10 per diluted share before year-end mark-to-market pension accounting adjustments, driven by continued improvement in base pricing and benefits from company's profit improvement program. Capital spending for fiscal 2016 is expected to be approximately $4.6 billion, which includes expansion of the FedEx Ground network and planned aircraft deliveries to support the FedEx Express fleet modernization program. The company expects strong earnings growth in fiscal 2016 as the company continues to focus on improving performance and successfully executing the profit improvement initiatives. Pension expense in fiscal year 2016 guidance is flat year-over-year versus adjusted fiscal year EPS of $8.95. The company expected effective tax rate to be in a range of 36% to 37% before any year-end pension adjustments and excluding any impact from the TNT acquisition.