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FedEx Corp. Reports Fourth Quarter Earnings

FedEx Corp. (NYSE: FDX) today reported earnings of $2.13 per diluted share for the fourth quarter ended May 31. This excludes a $0.98 per diluted share business realignment program charge and a previously announced $0.20 per diluted share noncash aircraft impairment charge at FedEx Express. Including these charges, fourth quarter earnings were $0.95 per diluted share.

Last year’s fourth quarter earnings were $1.99 per diluted share, excluding a $0.26 per diluted share noncash aircraft impairment charge at FedEx Express. Including last year’s charge, earnings were $1.73 per diluted share.

“FedEx Ground posted another strong year and FedEx Freight margins continued to improve,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “These positive developments did not fully offset tepid economic growth and customer preference for less costly international shipping services. FedEx Express results improved in the fourth quarter, and while near-term challenges remain, we are confident we are positioning FedEx for profitable, long-term growth.”

Fourth Quarter Results

FedEx Corp. reported the following consolidated results for the fourth quarter:
 

Fiscal 2013
 

Fiscal 2012

Adjusted

(non-GAAP)
  As Reported

(GAAP)

Adjusted

(non-GAAP)
  As Reported

(GAAP)
Revenue $11.4 billion $11.4 billion $11.0 billion $11.0 billion
Operating Income $1.10 billion $502 million $990 million $856 million
Operating Margin 9.6% 4.4% 9.0% 7.8%
Net Income $679 million $303 million $634 million $550 million
Diluted EPS $2.13 $0.95 $1.99 $1.73
 

As announced on June 3, during the quarter FedEx Express permanently retired 10 aircraft and related engines. As a consequence, a noncash impairment charge of $100 million ($63 million, net of tax, or $0.20 per diluted share) was recorded in the fourth quarter.

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