FedEx Corp. (NYSE: FDX) today reported earnings of $1.39 per diluted share for the second quarter ended November 30, compared to $1.57 per share last year. Superstorm Sandy impacted the quarter’s results by $0.11 per diluted share due to reduced shipment volumes and incremental operating costs. “Operating income for the quarter improved at FedEx Freight and FedEx Ground due to increased volumes and higher yields, while persistent weakness in the global economy and increased demand for lower-yielding international services limited profits at FedEx Express,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “Earnings also were negatively impacted by disruptions caused by Superstorm Sandy. We are hard at work on another record-setting holiday shipping season, driven by the continued growth of e-commerce. I would like to thank all of our team members for their hard work and dedication during our peak season.” Second Quarter Results FedEx Corp. reported the following consolidated results for the second quarter: • Revenue of $11.1 billion, up 5% from $10.6 billion the previous year • Operating income of $718 million, down 8% from $780 million last year • Operating margin of 6.5%, down from 7.4% the previous year • Net income of $438 million, down 12% from last year’s $497 million The results of the quarter also reflect, primarily at FedEx Express, the net year-over-year negative impact from the timing lag that exists between when fuel prices change and indexed fuel surcharges automatically adjust. Outlook FedEx projects earnings to be $1.25 to $1.45 per diluted share in the third quarter and reaffirms its forecast of $6.20 to $6.60 per diluted share for fiscal 2013 before charges related to the company’s previously announced voluntary buyout program. Costs of the benefits provided under the voluntary program are expected to be recognized in the fourth fiscal quarter. The company expects the pretax cost of the voluntary buyout program to range from approximately $550 to $650 million, or $1.09 to $1.29 per diluted share, but actual costs will depend on employee acceptance rates. This guidance assumes the current market outlook for fuel prices. The company reported earnings of $1.65 per diluted share in last year’s third quarter, which included a $0.10 per share reversal of a reserve associated with a legal matter at FedEx Express. The capital spending forecast for fiscal 2013 remains $3.9 billion.