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FedEx EPS up to $2.13 from $1.99

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Staff writer ▼ | June 20, 2013
FedEx Corp. reported earnings of $2.13 per diluted share for the fourth quarter ended May 31. Last year's fourth quarter earnings were $1.99 per diluted share.
FedEx
FedExFedEx Corp. reported earnings of $2.13 per diluted share for the fourth quarter ended May 31. Last year's fourth quarter earnings were $1.99 per diluted share.


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. These positive developments did not fully offset tepid economic growth and customer preference for less costly international shipping services," said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer.

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.

FedEx is revising its earnings guidance practices to focus on full fiscal year projections with quarterly updates. For fiscal 2014, the company projects earnings per share growth of 7% to 13% from fiscal 2013 adjusted results. This assumes the current market outlook for fuel prices, U.S. GDP growth of 2.3% and world GDP growth of 2.7%. Capital spending for fiscal 2014 is expected to be approximately $4 billion.


 

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