FedEx’s ETR and earnings per share forecasts are based on current law and related regulations and guidance. These forecasts assume the company's current economic forecast and fuel price expectations, no additional COVID-19-related business restrictions, successful completion of the planned stock repurchases, and no additional adverse geopolitical developments. As a result, FedEx is unable to provide a fiscal 2023 earnings per share or ETR outlook on a GAAP basis.Įarnings per diluted share of $22.45 to $24.45 before the MTM retirement plans accounting adjustments and costs related to business optimization initiatives Įarnings per diluted share of $22.50 to $24.50 before the MTM retirement plans accounting adjustments and costs related to business optimization initiatives, and excluding estimated costs associated with business realignment activities ĮTR of approximately 24% prior to the MTM retirement plans accounting adjustments and costs related to business optimization initiatives andĬapital spending of $6.8 billion, with a priority on investments to improve efficiency, including fleet and facility modernization, and increased automation. The company is currently unable to forecast the amount and timing of these additional costs, which may impact the fiscal 2023 effective tax rate (ETR). FedEx also may incur additional costs in fiscal 2023 related to business optimization initiatives. The company expects to repurchase $1.5 billion of FedEx common stock during the first half of fiscal 2023.įedEx is unable to forecast the fiscal 2023 mark-to-market (MTM) retirement plans accounting adjustments. As of May 31, 2022, $4.1 billion remained under the existing share repurchase authorization. reported the following consolidated results (adjusted measures exclude the items listed above for the applicable fiscal year):Ĭapital spending for fiscal 2022 was $6.8 billion.ĭuring fiscal 2022 the company repurchased $2.2 billion of FedEx common stock. The improved results were driven by a 28% increase in revenue per shipment from the continued focus on revenue quality and profitable growth.įor the full fiscal year, FedEx Corp. Average daily volume declined primarily due to yield management actions affecting the FedEx Ground Economy service.įedEx Freight operating results sharply increased, with operating margin improving 570 basis points to 21.8%. These costs were partially offset by higher revenue per package, including increased fuel surcharges. Global volume softness, driven by COVID lockdowns, geopolitical uncertainty, and slower economic growth, partially offset the year-over-year improvement.įedEx Ground operating results declined primarily due to higher self-insurance accruals and increased purchased transportation and wage rates. These factors were partially offset by lower shipment demand due to slower economic growth and supply chain disruptions, as well as higher purchased transportation and wage rates.įourth quarter net income included a tax benefit of $46 million ($0.18 per diluted share) related to revisions of prior year estimates for actual tax return results.įedEx Express operating results improved in the fourth quarter driven by revenue management actions, including increased fuel surcharges. I am honored to lead our dedicated global team who enable FedEx to lead the industry from a position of strength.”įourth quarter operating income improved primarily due to revenue management actions, including the favorable net impact of fuel at each transportation segment, and lower variable compensation expense. As we move forward, our focus will be on revenue quality and lowering our cost to serve. “Our foundational investments have set the stage for a strong fiscal 2023. “Our fiscal 2022 financial performance was a result of our team's ability to adapt to a number of unexpected challenges and is a testament to the FedEx value proposition and the execution of our long-term strategy,” said Raj Subramaniam, FedEx Corp. Mark-to-market (MTM) retirement plans accounting adjustments This year’s and last year’s quarterly and full-year consolidated results have been adjusted for: today reported the following consolidated results for the quarter ended May 31 (adjusted measures exclude the items listed below for the applicable fiscal year):
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