Corporate Overview

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $44 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 300,000 team members to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit news.fedex.com.

Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs and third quarter fiscal 2013 Statistical Book. These materials, as well as a webcast of the earnings release conference call to be held at 8:30 a.m. EDT on March 20 are available on the company’s website at investors.fedex.com. A replay of the conference call webcast will be posted on our website following the call.

Certain statements in this press release may be considered forward-looking statements, such as statements relating to management's views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the global markets in which we operate, the employee acceptance rate of the voluntary buyout offers, legal challenges or changes related to FedEx Ground’s owner-operators, new U.S. domestic or international government regulation, the impact from any terrorist activities or international conflicts, our ability to effectively operate, integrate and leverage acquired businesses, changes in fuel prices and currency exchange rates, our ability to match capacity to shifting volume levels and other factors which can be found in FedEx Corp.'s and its subsidiaries' press releases and filings with the SEC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO GAAP FINANCIAL MEASURES

The company believes that meaningful analysis of our historical and expected financial performance requires an understanding of the factors underlying that performance and our judgments about the likelihood that particular factors will repeat. Excluding the reversal of a reserve associated with a legal matter at FedEx Express from last year’s results, net of applicable incentive compensation impacts, and costs associated with the company’s business realignment initiative will allow for more accurate comparisons of our third quarter and expected operating performance. As required by SEC rules, the tables below present a reconciliation of our presented non-GAAP measures to the most directly comparable GAAP measures.
 

Q3 FY2013 Diluted

Earnings Per Share
 

Q3 FY2012 Diluted

Earnings Per Share
 

Q4 FY2012 Diluted

Earnings Per Share

Non-GAAP Measure

$1.23

$1.55

$1.99

Business Realignment Costs

(0.09

)

Legal Reserve Reversal

0.10

Aircraft Impairment

 

(0.26

)

GAAP Measure

$1.13

*

$1.65

$1.73
 

*Does not sum to total due to rounding

Fiscal 2013 Earnings Guidance
   

Q4 FY2013 Diluted

EPS Guidance

FY2013 Diluted

EPS Guidance

Non-GAAP Measure

$1.90 to $2.10

$6.00 to $6.20

Business Realignment Costs

0.96 to 0.76

1.09 to 0.89

GAAP Measure

$0.94 to $1.34

$4.91 to $5.31

The financial section of this release is provided on the company's website at investors.fedex.com.

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