UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 17, 2014

 

 

FEDEX CORPORATION

(Exact name of registrant as specified in its charter)

Commission File Number 1-15829

 

Delaware   62-1721435

(State or other jurisdiction

of incorporation)

 

(IRS Employer

Identification No.)

942 South Shady Grove Road, Memphis, Tennessee   38120
(Address of principal executive offices)   (ZIP Code)

Registrant’s telephone number, including area code: (901) 818-7500

 

 

FEDERAL EXPRESS CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Commission File Number 1-7806

 

Delaware   71-0427007

(State or other jurisdiction

of incorporation)

 

(IRS Employer

Identification No.)

3610 Hacks Cross Road, Memphis, Tennessee   38125
(Address of principal executive offices)   (ZIP Code)

Registrant’s telephone number, including area code: (901) 369-3600

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


EXPLANATORY NOTE

The information in this Report, including the exhibit, is being furnished pursuant to Item 2.02 of Form 8-K and General Instruction B.2 thereunder. Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

SECTION 2. FINANCIAL INFORMATION.

 

Item 2.02. Results of Operations and Financial Condition.

Attached as Exhibit 99.1 and incorporated herein by reference is a copy of FedEx Corporation’s press release, dated September 17, 2014, announcing its and its wholly owned subsidiary Federal Express Corporation’s financial results for the fiscal quarter ended August 31, 2014.

SECTION 9. FINANCIAL STATEMENTS AND EXHIBITS.

 

Item 9.01. Financial Statements and Exhibits.

 

  (d) Exhibits. The following exhibit is being furnished as part of this Report.

 

Exhibit

Number

  

Description

99.1    Press Release of FedEx Corporation dated September 17, 2014.

 

2


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

 

    FedEx Corporation
Date: September 17, 2014     By:   /s/ HERBERT C. NAPPIER
      Herbert C. Nappier
     

Staff Vice President and

Corporate Controller

    Federal Express Corporation
Date: September 17, 2014     By:   /s/ ELISE L. JORDAN
      Elise L. Jordan
     

Senior Vice President and

Chief Financial Officer

 

3


EXHIBIT INDEX

 

Exhibit

Number

  

Description

99.1    Press Release of FedEx Corporation dated September 17, 2014.

 

E-1



Exhibit 99.1

FOR IMMEDIATE RELEASE

FedEx Corp. Earnings Surge in the First Quarter

Volume, Yield Growth Drive Improved Results

MEMPHIS, Tenn., September 17, 2014… FedEx Corp. (NYSE: FDX) today reported earnings of $2.10 per diluted share for the first quarter ended August 31, up 37% from last year’s $1.53 per share.

“FedEx Corp. is off to an outstanding start in fiscal 2015, thanks to very strong performance at FedEx Ground, solid volume and revenue increases at FedEx Freight and healthy growth in U.S. domestic volume at FedEx Express,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “More customers are relying on FedEx because they appreciate the competitive advantages provided by our broad portfolio of solutions.”

First Quarter Results

FedEx Corp. reported the following consolidated results for the first quarter:

 

    Revenue of $11.7 billion, up 6% from $11.0 billion the previous year

 

    Operating income of $987 million, up 24% from $795 million last year

 

    Operating margin of 8.5%, up from 7.2% the previous year

 

    Net income of $606 million, up 24% from last year’s $489 million

Operating income increased primarily due to higher volumes and increased yields at all three transportation segments. Results in the first quarter also include benefits from lower pension expense and the company’s profit improvement programs. These benefits were partially offset by higher aircraft maintenance expense due to the timing of certain engine maintenance events.

During the quarter, the company acquired 5.3 million shares of FedEx common stock. As of August 31, 2014, no shares remained under the existing share repurchase authorizations. Share repurchases benefited earnings in the quarter by $0.15 per diluted share.

 

 

-more-

 

1


Outlook

FedEx reaffirmed its fiscal 2015 earnings forecast of $8.50 to $9.00 per diluted share. The outlook assumes no net year-over-year fuel impact and continued moderate economic growth. The capital spending forecast for fiscal 2015 remains $4.2 billion.

“FedEx reported strong first quarter results, as all three of our transportation segments drove higher revenues and improved profitability year over year,” said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. “Our profit improvement programs are progressing as planned and we continue to expect strong earnings growth this year.”

2015 Rate Increases

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.

FedEx Ground and FedEx Home Delivery will increase shipping rates by an average of 4.9%. In addition, as announced in May, FedEx Ground will also begin applying dimensional weight pricing to all shipments.

FedEx Freight will increase shipping rates by an average of 4.9%. This rate change applies to eligible FedEx Freight shipments within the U.S. (including Alaska, Hawaii, Puerto Rico and the U.S. Virgin Islands), between the contiguous U.S. and Canada, within Canada, between the contiguous U.S. and Mexico, and within Mexico.

Details of all changes to rates and surcharges are available at fedex.com/us/2015rates.

Corporate Headquarters Costs

Effective this fiscal year, the company ceased allocating to its transportation segments the costs associated with the corporate headquarters division. These costs are now included in “Corporate, eliminations and other.” Prior year amounts in this release have been revised to conform to the current presentation.

 

 

-more-

 

2


FedEx Express Segment

For the first quarter, the FedEx Express segment reported:

 

    Revenue of $6.86 billion, up 4% from last year’s $6.61 billion

 

    Operating income of $369 million, up 35% from $273 million a year ago

 

    Operating margin of 5.4%, up from 4.1% the previous year

Revenue increased due to higher U.S. domestic package volume and international export package yields partially offset by lower freight revenue. U.S. domestic package volume grew 5%, as 8% growth in overnight and deferred box volume was partially offset by lower envelope volume. U.S. domestic yield increased 1% from higher fuel surcharges, changes in service mix and increased rates. FedEx International Priority® volume grew 1%, while FedEx International Economy® volume increased 3%. International export revenue per package increased 3% due to fuel surcharges, higher rates and weight per package.

Operating income and margin improved as higher U.S. domestic package volume, improved international export yield and benefits from profit improvement programs more than offset higher aircraft maintenance expense and lower freight revenues.

FedEx Ground Segment

For the first quarter, the FedEx Ground segment reported:

 

    Revenue of $2.96 billion, up 8% from last year’s $2.73 billion

 

    Operating income of $545 million, up 13% from $483 million a year ago

 

    Operating margin of 18.4%, up from 17.7% the previous year

FedEx Ground average daily volume grew 6% in the first quarter, primarily driven by growth in e-commerce. Revenue per package increased 3% due to increased rates and higher residential and fuel surcharges. FedEx SmartPost average daily volume decreased 10% due to the reduction in volume from a major customer. SmartPost revenue per package increased 10% due to rate increases and improved customer mix, partially offset by higher postage rates.

Operating income increased due to higher revenue per package and volume, partially offset by increased network expansion costs.

 

 

-more-

 

3


FedEx Freight Segment

For the first quarter, the FedEx Freight segment reported:

 

    Revenue of $1.61 billion, up 13% from last year’s $1.42 billion

 

    Operating income of $168 million, up 70% from $99 million a year ago

 

    Operating margin of 10.4%, up from 7.0% the previous year

Less-than-truckload (LTL) average daily shipments increased 11%, including a 13% increase in demand for Priority service. LTL revenue per shipment increased 3% due to higher weight per shipment, increased fuel surcharge revenue and higher rates.

Operating results improved due to increased LTL revenue per shipment, higher average daily LTL shipments and solid cost management.

Corporate Overview

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $46 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, 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. For more information, visit news.fedex.com.

Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs and first quarter fiscal 2015 Statistical Book. These materials, as well as a webcast of the earnings release conference call to be held at 8:30 a.m. EDT on September 17 are available on the company’s website at investors.fedex.com. A replay of the conference call webcast will be posted on our website following the call.

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 which 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

 

 

-more-

 

4


uncertainties include, but are not limited to, economic conditions in the global markets in which we operate, our ability to execute on our profit improvement programs, legal challenges or changes related to FedEx Ground’s owner-operators, new U.S. domestic or international government regulation, the impact from any terrorist activities or international conflicts, our ability to effectively operate, integrate and leverage acquired businesses, changes in fuel prices and currency exchange rates, our ability to match capacity to shifting volume levels and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and filings with the SEC.

Media Contact: Jess Bunn 901-818-7463

Investor Contact: Mickey Foster 901-818-7468

Home Page: fedex.com

# # #

 

5


FEDEX CORP. FINANCIAL HIGHLIGHTS

First Quarter Fiscal 2015

(In millions, except earnings per share)

(Unaudited)

 

     Three Months Ended  
     August 31  
     2014     2013     %  

Revenue:

      

FedEx Express segment

   $ 6,862      $ 6,605        4%   

FedEx Ground segment

     2,960        2,730        8%   

FedEx Freight segment

     1,609        1,424        13%   

FedEx Services segment

     374        375        —     

Eliminations and other

     (121     (110     10%   
  

 

 

   

 

 

   

Total Revenue

     11,684        11,024        6%   

Operating Expenses:

      

Salaries and employee benefits

     4,189        4,077        3%   

Purchased transportation

     2,054        1,879        9%   

Rentals and landing fees

     660        640        3%   

Depreciation and amortization

     651        639        2%   

Fuel

     1,120        1,104        1%   

Maintenance and repairs

     556        480        16%   

Other

     1,467        1,410        4%   
  

 

 

   

 

 

   

Total Operating Expenses

     10,697        10,229        5%   

Operating Income:

      

FedEx Express segment

     369        273        35%   

FedEx Ground segment

     545        483        13%   

FedEx Freight segment

     168        99        70%   

Corporate, eliminations and other

     (95     (60     58%   
  

 

 

   

 

 

   

Total Operating Income

     987        795        24%   

Other Income (Expense):

      

Interest, net

     (48     (27     NM   

Other, net

     (2     (2     NM   
  

 

 

   

 

 

   

Total Other Income (Expense)

     (50     (29     NM   
  

 

 

   

 

 

   

Income Before Income Taxes

     937        766        22%   

Provision for Income Taxes

     331        277        19%   
  

 

 

   

 

 

   

Net Income

   $ 606      $ 489        24%   
  

 

 

   

 

 

   

Diluted Earnings Per Share

   $ 2.10      $ 1.53        37%   
  

 

 

   

 

 

   

Weighted Average Common and

      

Common Equivalent Shares

     289        319        (9%

Capital Expenditures

   $ 720      $ 572        26%   

 

6


FEDEX CORP. CONDENSED CONSOLIDATED BALANCE SHEETS

First Quarter Fiscal 2015

(In millions)

 

     August 31, 2014        
     (Unaudited)     May 31, 2014  

ASSETS

    

Current Assets

    

Cash and cash equivalents

   $ 2,416      $ 2,908   

Receivables, less allowances

     5,487        5,460   

Spare parts, supplies and fuel, less allowances

     481        463   

Deferred income taxes

     497        522   

Prepaid expenses and other

     369        330   
  

 

 

   

 

 

 

Total current assets

     9,250        9,683   

Property and Equipment, at Cost

     40,866        40,691   

Less accumulated depreciation and amortization

     21,442        21,141   
  

 

 

   

 

 

 

Net property and equipment

     19,424        19,550   

Other Long-Term Assets

    

Goodwill

     2,775        2,790   

Other assets

     1,138        1,047   
  

 

 

   

 

 

 

Total other long-term assets

     3,913        3,837   
  

 

 

   

 

 

 
   $ 32,587      $ 33,070   
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ INVESTMENT

    

Current Liabilities

    

Current portion of long-term debt

   $ 1      $ 1   

Accrued salaries and employee benefits

     1,103        1,277   

Accounts payable

     1,973        1,971   

Accrued expenses

     2,076        2,063   
  

 

 

   

 

 

 

Total current liabilities

     5,153        5,312   

Long-Term Debt, Less Current Portion

     4,735        4,736   

Other Long-Term Liabilities

    

Deferred income taxes

     2,107        2,114   

Pension, postretirement healthcare and other benefit obligations

     3,313        3,484   

Self-insurance accruals

     1,047        1,038   

Deferred lease obligations

     748        758   

Deferred gains, principally related to aircraft transactions

     200        206   

Other liabilities

     163        145   
  

 

 

   

 

 

 

Total other long-term liabilities

     7,578        7,745   

Commitments and Contingencies

    

Common Stockholders’ Investment

    

Common stock, $0.10 par value, 800 million shares authorized

     32        32   

Additional paid-in capital

     2,629        2,643   

Retained earnings

     20,921        20,429   

Accumulated other comprehensive loss

     (3,694     (3,694

Treasury stock, at cost

     (4,767     (4,133
  

 

 

   

 

 

 

Total common stockholders’ investment

     15,121        15,277   
  

 

 

   

 

 

 
   $ 32,587      $ 33,070   
  

 

 

   

 

 

 

 

7


FEDEX CORP. CONDENSED CONSOLIDATED

STATEMENTS OF CASH FLOWS

First Quarter Fiscal 2015

(In millions)

(Unaudited)

 

     Three Months Ended  
     August 31  
     2014     2013  

Operating Activities:

    

Net income

   $ 606      $ 489   

Noncash charges:

    

Depreciation and amortization

     651        639   

Other, net

     108        171   

Changes in operating assets and liabilities, net

     (383     (370
  

 

 

   

 

 

 

Net cash provided by operating activities

     982        929   

Investing Activities:

    

Capital expenditures

     (720     (572

Proceeds from asset dispositions and other

     4        10   
  

 

 

   

 

 

 

Net cash used in investing activities

     (716     (562

Financing Activities:

    

Dividends paid

     (57     (48

Purchase of treasury stock

     (791     (278

Other, net

     107        145   
  

 

 

   

 

 

 

Net cash used in financing activities

     (741     (181
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

     (17     (7
  

 

 

   

 

 

 

Net (decrease) increase in cash and cash equivalents

     (492     179   

Cash and cash equivalents at beginning of period

     2,908        4,917   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 2,416      $ 5,096   
  

 

 

   

 

 

 

 

8


FEDEX EXPRESS SEGMENT FINANCIAL HIGHLIGHTS

First Quarter Fiscal 2015

(Dollars in millions)

(Unaudited)

 

     Three Months Ended  
     August 31  
     2014      2013      %  

Revenues:

        

Package Revenue:

        

U.S. Overnight Box

   $ 1,682       $ 1,584         6%   

U.S. Overnight Envelope

     415         419         (1%
  

 

 

    

 

 

    

Total U.S. Overnight

     2,097         2,003         5%   

U.S. Deferred

     795         729         9%   
  

 

 

    

 

 

    

Total U.S. Package Revenue

     2,892         2,732         6%   
  

 

 

    

 

 

    

International Priority

     1,630         1,576         3%   

International Economy

     571         532         7%   
  

 

 

    

 

 

    

Total International Export Package

     2,201         2,108         4%   

International Domestic1

     371         345         8%   
  

 

 

    

 

 

    

Total Package Revenue

     5,464         5,185         5%   

Freight Revenue:

        

U.S.

     579         624         (7%

International Priority

     395         388         2%   

International Airfreight

     46         54         (15%
  

 

 

    

 

 

    

Total Freight Revenue

     1,020         1,066         (4%

Other Revenue2

     378         354         7%   
  

 

 

    

 

 

    

Total Express Revenue

   $ 6,862       $ 6,605         4%   

Operating Expenses:

        

Salaries and employee benefits

     2,485         2,440         2%   

Purchased transportation

     647         608         6%   

Rentals and landing fees

     426         421         1%   

Depreciation and amortization

     374         369         1%   

Fuel

     970         956         1%   

Maintenance and repairs

     379         307         23%   

Intercompany charges3

     449         458         (2%

Other

     763         773         (1%
  

 

 

    

 

 

    

Total Operating Expenses3

     6,493         6,332         3%   
  

 

 

    

 

 

    

Operating Income3

   $ 369       $ 273         35%   
  

 

 

    

 

 

    

Operating Margin3

     5.4%         4.1%         1.3 pts   

 

1 –

International Domestic revenues represent international intra-country express operations.

2 –

Includes FedEx Trade Networks and FedEx SupplyChain Systems.

3 –

Prior year amounts have been revised to conform to the current year segment presentation regarding the allocation of corporate headquarters costs.

 

9


FEDEX EXPRESS SEGMENT OPERATING HIGHLIGHTS

First Quarter Fiscal 2015

(Unaudited)

 

     Three Months Ended  
     August 31  
     2014      2013      %  

PACKAGE STATISTICS1

        

Average Daily Package Volume (000s):

        

U.S. Overnight Box

     1,211         1,112         9%   

U.S. Overnight Envelope

     527         563         (6%
  

 

 

    

 

 

    

Total U.S. Overnight Package

     1,738         1,675         4%   

U.S. Deferred

     846         790         7%   
  

 

 

    

 

 

    

Total U.S. Domestic Package

     2,584         2,465         5%   
  

 

 

    

 

 

    

International Priority

     409         406         1%   

International Economy

     170         165         3%   
  

 

 

    

 

 

    

Total International Export Package

     579         571         1%   

International Domestic2

     816         789         3%   
  

 

 

    

 

 

    

Total Average Daily Packages

     3,979         3,825         4%   
  

 

 

    

 

 

    

Yield (Revenue Per Package):

        

U.S. Overnight Box

   $ 21.69       $ 22.27         (3%

U.S. Overnight Envelope

     12.32         11.61         6%   
  

 

 

    

 

 

    

U.S. Overnight Composite

     18.85         18.68         1%   

U.S. Deferred

     14.68         14.42         2%   
  

 

 

    

 

 

    

U.S. Domestic Composite

     17.49         17.32         1%   
  

 

 

    

 

 

    

International Priority

     62.19         60.65         3%   

International Economy

     52.60         50.41         4%   
  

 

 

    

 

 

    

Total International Export Composite

     59.38         57.70         3%   

International Domestic2

     7.10         6.84         4%   
  

 

 

    

 

 

    

Composite Package Yield

   $ 21.46       $ 21.18         1%   
  

 

 

    

 

 

    

FREIGHT STATISTICS

        

Average Daily Freight Pounds (000s):

        

U.S.

     7,318         7,423         (1%

International Priority

     2,792         2,862         (2%

International Airfreight

     670         850         (21%
  

 

 

    

 

 

    

Total Avg Daily Freight Pounds

     10,780         11,135         (3%
  

 

 

    

 

 

    

Revenue Per Freight Pound:

        

U.S.

   $ 1.24       $ 1.31         (5%

International Priority

     2.21         2.12         4%   

International Airfreight

     1.07         0.99         8%   
  

 

 

    

 

 

    

Composite Freight Yield

   $ 1.48       $ 1.50         (1%

Operating Weekdays

     64         64         —     

 

– Package and freight statistics include only the operations of FedEx Express.
– International Domestic revenues represent international intra-country express operations.

 

10


FEDEX GROUND SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS

First Quarter Fiscal 2015

(Dollars in millions)

(Unaudited)

 

     Three Months Ended  
     August 31  
     2014      2013      %  

FINANCIAL HIGHLIGHTS

        

Revenues:

        

FedEx Ground

   $ 2,739       $ 2,506         9%   

FedEx SmartPost

     221         224         (1%
  

 

 

    

 

 

    

Total Revenues

   $ 2,960       $ 2,730         8%   

Operating Expenses:

        

Salaries and employee benefits

     448         414         8%   

Purchased transportation

     1,154         1,064         8%   

Rentals

     108         92         17%   

Depreciation and amortization

     119         111         7%   

Fuel

     3         3         —     

Maintenance and repairs

     56         53         6%   

Intercompany charges1

     275         270         2%   

Other

     252         240         5%   
  

 

 

    

 

 

    

Total Operating Expenses1

     2,415         2,247         7%   
  

 

 

    

 

 

    

Operating Income1

   $ 545       $ 483         13%   
  

 

 

    

 

 

    

Operating Margin1

     18.4%         17.7%         0.7 pts   

OPERATING STATISTICS

        

Operating Weekdays

        

FedEx Ground

     64         64         —     

FedEx SmartPost

     64         64         —     

Average Daily Package Volume (000s)

        

FedEx Ground

     4,576         4,313         6%   

FedEx SmartPost

     1,880         2,092         (10%

Yield (Revenue Per Package)

        

FedEx Ground

   $ 9.33       $ 9.05         3%   

FedEx SmartPost

   $ 1.84       $ 1.67         10%   

 

1 –

Prior year amounts have been revised to conform to the current year segment presentation regarding the allocation of corporate headquarters costs.

 

11


FEDEX FREIGHT SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS

First Quarter Fiscal 2015

(Dollars in millions)

(Unaudited)

 

     Three Months Ended  
     August 31  
     2014      2013      %  

FINANCIAL HIGHLIGHTS

        

Revenue

   $ 1,609       $ 1,424         13%   

Operating Expenses:

        

Salaries and employee benefits

     656         598         10%   

Purchased transportation

     284         234         21%   

Rentals

     32         32         —     

Depreciation and amortization

     58         57         2%   

Fuel

     147         145         1%   

Maintenance and repairs

     46         46         —     

Intercompany charges1

     110         113         (3%

Other

     108         100         8%   
  

 

 

    

 

 

    

Total Operating Expenses1

     1,441         1,325         9%   
  

 

 

    

 

 

    

Operating Income1

   $ 168       $ 99         70%   
  

 

 

    

 

 

    

Operating Margin1

     10.4%         7.0%         3.4 pts   

OPERATING STATISTICS

        

LTL Operating Weekdays

     64         64         —     

Average Daily LTL Shipments (000s)

        

Priority

     69.0         61.1         13%   

Economy

     29.1         27.6         5%   
  

 

 

    

 

 

    

Total Average Daily LTL Shipments

     98.1         88.7         11%   

Weight Per LTL Shipment (lbs)

        

Priority

     1,258         1,244         1%   

Economy

     1,013         993         2%   
  

 

 

    

 

 

    

Composite Weight Per LTL Shipment

     1,185         1,166         2%   

LTL Revenue/Shipment

        

Priority

   $ 228.07       $ 222.46         3%   

Economy

     265.42         256.45         3%   
  

 

 

    

 

 

    

Composite LTL Revenue/Shipment

   $ 239.16       $ 233.05         3%   

LTL Revenue/CWT

        

Priority

   $ 18.14       $ 17.88         1%   

Economy

     26.19         25.84         1%   
  

 

 

    

 

 

    

Composite LTL Revenue/CWT

   $ 20.18       $ 19.99         1%   

 

1 –

Prior year amounts have been revised to conform to the current year segment presentation regarding the allocation of corporate headquarters costs.

 

12

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