FedEx Corp. Reports March Volumes
FedEx Corp. Reports March Volumes
Updates Fourth Quarter Outlook
MEMPHIS, Tenn.–(BUSINESS WIRE)–April 4, 2001–FedEx Corporation (NYSE:FDX – news) today reported that March 2001 U.S. domestic express package volume at FedEx Express is expected to decline 4.4 percent compared to the prior year period, while FedEx International Priority (IP) volume grew at 5 percent and FedEx Ground volume grew at 6 percent.
“Our previous volume forecast for the fourth quarter was for U.S. domestic express package volume to decline 1 to 2 percent, and IP and ground volumes to each grow 5 to 7 percent in the fourth quarter,” said Executive Vice President and Chief Financial Officer Alan B. Graf, Jr. “Economic conditions have deteriorated more than we anticipated, which is adversely impacting our volumes. If these volume trends continue, we think it is unlikely that we will hit our prior earnings forecast of $0.85 to $.90 per share for the fourth quarter. The economic uncertainty is making it extremely difficult to forecast future financial results.
“Expense controls remain aggressive at all of the operating companies, and we are encouraged by FedEx Ground’s volume performance in March, as well as the market’s growing acceptance of FedEx Home Delivery. We remain confident and optimistic about our long-term strategies and believe we are very well positioned for excellent growth when conditions improve,” Graf said.
With annual revenues of $20 billion, FedEx Corp. is the premier global provider of transportation, e-commerce and supply chain management services. The company offers integrated business solutions through a network of subsidiaries operating independently, including: FedEx Express, the world’s largest express transportation company; FedEx Ground, North America’s second largest provider of small-package ground delivery service; FedEx Freight, a leading provider of regional less-than-truckload freight services; FedEx Custom Critical, the world’s largest provider of expedited time-critical shipments; and FedEx Trade Networks, a provider of customs brokerage, consulting, information technology and trade facilitation solutions.
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 that 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 and competitive conditions in the markets we serve, matching capacity to volume levels and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and filings with the SEC.
The FedEx Analysts Meeting will be Webcast beginning Wednesday, April 4, 2001 at 9:00 PM ET and Thursday, April 5, 2001 at 9:00 AM ET on the company’s Web site at www.fedex.com/us/investorrelations.
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Contact:
FedEx Corporation, Memphis
Shirlee Clark, 901/818-7463 (Media)
Jim Clippard, 901/818-7468 (Investor)
Worldwide Web Home Page: www.fedex.com
