FedEx Corp. (FDX) Tops Q1 EPS by 2c; Reaffirms Outlook

September 18, 2013 7:31 AM EDT
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Price: $297.69 +1.55%

EPS Growth %: +146.1%

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Fuel: 650M

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FedEx Corp. (NYSE: FDX) reported Q1 EPS of $1.53, $0.02 better than the analyst estimate of $1.51. Revenue for the quarter came in at $11 billion versus the consensus estimate of $10.97 billion.

Outlook

FedEx reaffirmed its forecast of full-year earnings per share growth of 7% to 13% from last year’s adjusted results. This outlook assumes the market outlook for fuel prices, U.S. GDP growth of 2.1% and world GDP growth of 2.6%. The capital spending forecast for fiscal 2014 remains $4 billion.

“We remain confident in our full year earnings outlook despite tepid global economic growth,” said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. “FedEx Express continued to execute on its profit improvement initiatives during our first quarter. We remain focused and are committed to FedEx Express achieving its $1.6 billion operating profit improvement target by the end of fiscal 2016.”

2014 Rate Increases

FedEx Express will increase shipping rates by an average of 3.9% for U.S. domestic, U.S. export and U.S. import services effective January 6, 2014. The FedEx Ground and FedEx SmartPost pricing changes for 2014 will be announced later this year. FedEx Freight implemented a 4.5% general rate increase on July 1, 2013.

For earnings history and earnings-related data on FedEx Corp. (FDX) click here.


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