Fedex reports first quarter earnings for fiscal 2018
Add time:
2018-10-18 16:34
Recently, fedex reported earnings for the first quarter of fiscal 2018 (as of August 31, 2018). In the reporting period, fedex revenue was $17.1 billion, up nearly 12 percent year on year. Operating profit was $1.07 billion, up 10 percent from the same period last year, and adjusted operating profit was $1.2 billion.
the results were buoyed by the steady implementation of business plans and a strong U.S. economy, and fedex's first quarter, we were confident of delivering a profit, as well as raising our operating profit to $15 billion in fiscal 2020 from $12 billion in fiscal 2017," "fedex CEO Frederick Smith said.
Profits rose in the first quarter thanks to higher volumes and earnings and savings on fuel costs across all transport links, but this quarter also suffered from a big increase in variable compensation accruals, according to Frederic Smith. In addition, in the fourth quarter of the last fiscal year, fedex raised the wage bill for some hourly workers, subject to the tax cuts and jobs act (TCJA) enacted last year in the United States. Overall, these factors had a significant negative impact on the results for the same period of the current fiscal year.
Fedex also released its earnings per share forecast for fiscal 2019 and other financial targets. With modest global growth and stable trade, expected revenue growth of about 9 per cent, operating margins of about 8.5 per cent (excluding TNT Express consolidation charges) and capital expenditure of $5.6bn. Before the year-end retirement plan accounting adjustment, excluding TNT express integration fees, the diluted earnings per share were adjusted to $15.85 to $16.45, up from the previous forecast of $15.65 to $16.25.
Scan looks at us
COPYRIGHT © PROSWIFT INTERNATIONAL LOGISTICS (SHANGHAI) CO.,LTD.