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Last $171.42 USD
Change Today +0.15 / 0.09%
Volume 1.2M
As of 8:04 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

fedex corp (FDX) Key Developments

FedEx Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended May 31, 2015; Provides Earnings Guidance for Fiscal 2016

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.

FedEx Seeks Acquisitions

FedEx Corporation (NYSE:FDX) is seeking acquisitions. Alan Graf, Chief Financial Officer, said, "We’ve been very aggressive in the acquisition space over a long number of years. I expect we will continue to be aggressive in the acquisition space over the next several years.

FedEx Corp. to Pay $228 Million to Settle Lawsuit Brought against its Fedex Ground Business by Drivers in California

FedEx Corp. announced it agreed to pay $228 million to settle a lawsuit brought against its FedEx Ground business by drivers in California. About 2,300 drivers who worked for FedEx between 2000 and 2007 are suing the company and seeking back pay for overtime and expenses, as well as punitive damages and legal costs. The company will take a $197 million charge in the fourth quarter, which ended on May 31, 2015. The settlement is subject to court approval. A federal court ruled in August that FedEx wrongly classified workers as independent contractors instead of employees. The company said Friday that ruling would have made it very difficult for it to defend itself against the lawsuit.

FedEx Corp. Increases Quarterly Cash Dividend Payable on July 2, 2015

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 on July 2, 2015 to stockholders of record at the close of business on June 18, 2015.

FedEx Corporation Announces Non-Cash Impairment Charge for Fourth Quarter of Fiscal 2015

On May 31, 2015, the FedEx Corporation Board of Directors approved the permanent retirement from service of seven MD11 aircraft and 12 related engines, three A300 aircraft and three related engines, four A310-300 aircraft and three related engines and one MD10-10 aircraft and three related engines, and related parts. As a consequence, a non-cash impairment charge of $246 million was recorded in the fourth quarter of fiscal 2015. The decision to permanently retire these aircraft and engines aligns with Federal Express Corporation's plans to rationalize capacity and modernize its aircraft fleet to more effectively serve its customers.

 

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FDX

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Valuation FDX Industry Range
Price/Earnings 46.9x
Price/Sales 1.0x
Price/Book 3.2x
Price/Cash Flow 13.2x
TEV/Sales 0.8x
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