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FedEx Corp. Third Quarter Net Income Grows as Economy Strengthens

March 18, 2010

Published on FedEx Global Newsroom (http://news.van.fedex.com)

MEMPHIS, Tenn., March 18, 2010 ... FedEx Corp. (NYSE: FDX) today reported earnings of $0.76 per diluted share for the third quarter ended
February 28, compared to $0.31 per diluted share a year ago.

“Outstanding execution of our business strategy and an improving global economy drove solid financial performance in the third quarter,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer.

Third Quarter Results

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

• Revenue of $8.70 billion, up 7% from $8.14 billion a year ago
• Operating income of $416 million, up 129% from $182 million last year
• Operating margin of 4.8%, up from 2.2% the previous year
• Net income of $239 million, up 146% from last year’s $97 million

Revenue and earnings increased as a result of higher shipment growth, particularly in international express and at FedEx Ground. Strict cost controls also benefited results. Increased net fuel costs, an operating loss at FedEx Freight and the partial reinstatement of certain employee compensation programs impacted the quarter’s results. One fewer operating day year over year at each of the transportation segments also negatively affected results.

For the full story go to:
http://news.van.fedex.com/Q3FY10

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