FedEx beats by $0.15, beats on revs; reaffirms FY15 EPS guidance (154.66)
Reports Q1 (Aug) earnings of $2.10 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus Estimate of $1.95; revenues rose 6.4% year/year to $11.7 bln vs the $11.46 bln consensus.
Co reaffirms guidance for FY15, sees EPS of $8.50-9.00, excluding non-recurring items, vs. $8.92 Capital IQ Consensus Estimate.
Co reaffirms guidance for FY15, sees EPS of $8.50-9.00, excluding non-recurring items, vs. $8.92 Capital IQ Consensus Estimate.
- FedEx Express Segment: Revenue of $6.86 billion, up 4% y/y; Operating income of $369 million, up 35% y/y; Operating margin of 5.4%, up from 4.1%.
- U.S. domestic package volume grew 5%; International Priority volume grew 1%, while FedEx International Economy volume increased 3%.
- FedEx Ground Segment: Revenue of $2.96 billion, up 8% y/y; Operating income of $545 million, up 13% y/y; Operating margin of 18.4%, up from 17.7%.
- FedEx Freight Segment: Revenue of $1.61 billion, up 13% y/y; Operating income of $168 million, up 70% y/y; Operating margin of 10.4%, up from 7.0%.
- Less-than-truckload (LTL) average daily shipments increased 11%, including a 13% increase in demand for Priority service.
- As previously announced, FedEx Express, FedEx Ground and FedEx Freight will increase shipping rates effective January 5, 2015. FedEx Express will increase shipping rates by an average of 4.9% for U.S. domestic, U.S. export and U.S. import services.