Fedex reports higher Year-onYear results

“Growth in overall demand for our broad global portfolio of solutions drove our improved first quarter results ended 31 August,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “FedEx Express remains focused on reducing costs while facing challenging global economic conditions.”

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, US GDP growth of 2.1% and world GDP growth of 2.6%.

“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 $1.6bn operating profit improvement target by the end of fiscal year 2016.”

The continued modernisation of the company’s aircraft fleet drove maintenance costs lower, partially offset by higher related depreciation expense.

FedEx Corp. provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $45bn, 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.

FedEx Express is represented in Malta by the local Global Service Participant, Airsped Express Ltd of Paola.