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8-K - 8-K - FEDEX CORPfdx-8k_20200915.htm

 

Exhibit 99.1

 

 

 

 

 

FedEx Corp. Reports Strong First Quarter Results

 

MEMPHIS, Tenn., September 15, 2020 ... FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the first quarter ended August 31 (adjusted measures exclude TNT Express integration expenses as described below):

 

 

 

Fiscal 2021

 

Fiscal 2020

 

 

As Reported

(GAAP)

 

Adjusted

(non-GAAP)

 

As Reported

(GAAP)

 

Adjusted

(non-GAAP)

Revenue

 

$19.3 billion

 

$19.3 billion

 

$17.0 billion

 

$17.0 billion

Operating income

 

$1.59 billion

 

$1.64 billion

 

$0.98 billion

 

$1.05 billion

Operating margin

 

8.2%

 

8.5%

 

5.7%

 

6.1%

Net income

 

$1.25 billion

 

$1.28 billion

 

$745 million

 

$800 million

Diluted EPS

 

$4.72

 

$4.87

 

$2.84

 

$3.05

 

This year’s and last year’s quarterly consolidated results have been adjusted for TNT Express integration expenses of $49 million ($0.14 per diluted share) for this year and $71 million ($0.21 per diluted share) for last year.

 

“Our earnings growth underscores the importance of our business initiatives and investments over the last several years, and, in many ways, the world has accelerated to meet our strategies,” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “I would like to thank our team members whose efforts during this time have helped keep the world’s health care, industrial and at-home supply chains moving despite the challenges of the global pandemic.”

 

Operating results increased due to volume growth in FedEx International Priority and U.S. domestic residential package services, yield improvement at FedEx Ground and FedEx Freight, and one additional operating weekday.  These factors were partially offset by costs to support strong demand and to expand services, variable compensation expenses, and COVID-19 related costs incurred to ensure the safety of FedEx team members and customers.  

 

Outlook

 

FedEx is not providing an earnings forecast for fiscal 2021.  The capital spending forecast for the year is up $200 million to $5.1 billion, driven by additional capacity initiatives to support increased volume levels.

 

 

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While business demand improved in the first quarter, continued uncertainties cloud our ability to forecast full-year earnings,” said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer.  “However, we expect to continue to benefit from our strong position in the U.S. and international package and freight markets, yield improvement opportunities and cost management initiatives.”

 

Corporate Overview

 

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services.  With annual revenue of $71 billion, the company offers integrated business solutions 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 500,000 team members to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities.  To learn more about how FedEx connects people and possibilities around the world, please visit about.fedex.com.

 

Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs, Form 8-Ks and Statistical Books.  These materials, as well as a webcast of the earnings release conference call to be held at 5:30 p.m. EDT on September 15, 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.

 

The Investor Relations page of our website, investors.fedex.com, contains a significant amount of information about FedEx, including our Securities and Exchange Commission (SEC) filings and financial and other information for investors.  The information that we post on our Investor Relations website could be deemed to be material information.  We encourage investors, the media and others interested in the company to visit this website from time to time, as information is updated and new information is posted.

 

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 and underlying assumptions. Forward-looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends” or similar expressions.  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 uncertainties include, but are not limited to, the negative impacts of the COVID-19 pandemic; economic conditions in the global markets in which we operate; anti-trade measures and additional changes in international trade policies and relations; a significant data breach or other disruption to our technology infrastructure; our ability

 

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to successfully integrate the businesses and operations of FedEx Express and TNT Express in the expected time frame and at the expected cost and to achieve the expected benefits from the combined businesses; our ability to successfully implement our business strategy, effectively respond to changes in market dynamics and achieve the anticipated benefits and associated cost savings of such strategies and actions; the impact of the United Kingdom’s withdrawal from the European Union; changes in fuel prices or currency exchange rates; our ability to match capacity to shifting volume levels; the impact of intense competition; evolving or new U.S. domestic or international government regulation or regulatory actions, future guidance, regulations, interpretations or challenges to our tax positions; our ability to effectively operate, integrate, leverage and grow acquired businesses; legal challenges or changes related to service providers engaged by FedEx Ground and the drivers providing services on their behalf; an increase in self-insurance accruals and expenses; disruptions or modifications in service by, or changes in the business or financial soundness of, the U.S. Postal Service; the impact of any international conflicts or terrorist activities; our ability to quickly and effectively restore operations following adverse weather or a localized disaster or disturbance in a key geography; and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and FedEx Corp.’s filings with the SEC. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 

Media Contact:  Jenny Robertson 901-434-4829

Investor Contact:  Mickey Foster 901-818-7468

Home Page:  fedex.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

TO GAAP FINANCIAL MEASURES

 

First Quarter Fiscal 2021 and Fiscal 2020 Results

 

The company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or “reported”). We have supplemented the reporting of our financial information determined in accordance with GAAP with certain non-GAAP (or “adjusted”) financial measures, including our adjusted first quarter fiscal 2021 and 2020 consolidated operating income and margin, net income and diluted earnings per share, and adjusted first quarter fiscal 2021 and 2020 FedEx Express segment operating income and margin. These financial measures have been adjusted to exclude the impact of TNT Express integration expenses incurred in fiscal 2021 and 2020.

 

We have incurred and expect to incur significant expenses through fiscal 2022 in connection with our integration of TNT Express. We have adjusted our first quarter fiscal 2021 and 2020 consolidated and FedEx Express segment financial measures to exclude TNT Express integration expenses because we generally would not incur such expenses as part of our continuing operations. The integration expenses are predominantly incremental costs directly associated with the integration of TNT Express, including professional and legal fees, salaries and employee benefits, advertising and travel expenses. Internal salaries and employee benefits are included only to the extent the individuals are assigned full-time to integration activities.

 

We believe these adjusted financial measures facilitate analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of, or are unrelated to, the company’s and our business segments’ core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. These adjustments are consistent with how management views our businesses. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating the company’s and each business segment’s ongoing performance.

 

Our non-GAAP financial measures are intended to supplement and should be read together with, and are not an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of our financial statements should not place undue reliance on these non-GAAP financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. As required by Securities and Exchange Commission rules, the tables below present a reconciliation of our presented non-GAAP financial measures to the most directly comparable GAAP measures.

 

 

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First Quarter Fiscal 2021

 

FedEx Corporation

 

 

 

Operating

 

Income

 

Net

 

Diluted

Earnings

Dollars in millions, except EPS

 

Income

 

Margin

 

Taxes1

 

Income2

 

Per Share3

GAAP measure

 

$1,590

 

8.2%

 

$361

 

$1,245

 

$4.72

TNT Express integration expenses4

 

49

 

0.3%

 

11

 

38

 

0.14

Non-GAAP measure

 

$1,639

 

8.5%

 

$372

 

$1,283

 

$4.87

 

FedEx Express Segment

 

 

 

Operating

Dollars in millions

 

Income

 

Margin3

GAAP measure

 

$710

 

7.4%

TNT Express integration expenses

 

37

 

0.4%

Non-GAAP measure

 

$747

 

7.7%

 

 

First Quarter Fiscal 2020

 

FedEx Corporation

 

 

 

Operating

 

Income

 

Net

 

Diluted

Earnings

Dollars in millions, except EPS

 

Income

 

Margin

 

Taxes1

 

Income2

 

Per Share

GAAP measure

 

$977

 

5.7%

 

$251

 

$745

 

$2.84

TNT Express integration expenses4

 

71

 

0.4%

 

16

 

55

 

0.21

Non-GAAP measure

 

$1,048

 

6.1%

 

$267

 

$800

 

$3.05

 

FedEx Express Segment

 

 

 

Operating

Dollars in millions

 

Income

 

Margin

GAAP measure

 

$285

 

3.2%

TNT Express integration expenses

 

57

 

0.6%

Non-GAAP measure

 

$342

 

3.8%

 

 

 

 

 

 

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Notes:

 

1

Income taxes are based on the company’s approximate statutory tax rates applicable to each transaction.

2

Effect of “total other (expense) income” on net income amount not shown.

3

Does not sum to total due to rounding.

4

These expenses were recognized at FedEx Corporate and FedEx Express.

 

# # #

 

 

 

 

6


 

FEDEX CORP. FINANCIAL HIGHLIGHTS

 

First Quarter Fiscal 2021

(In millions, except earnings per share)

(Unaudited)

 

 

 

Three Months Ended

August 31,

 

 

2020

 

2019

 

%

Revenue:

 

 

 

 

 

 

FedEx Express segment

 

$9,647

 

$8,945

 

8%

FedEx Ground segment

 

7,040

 

5,179

 

36%

FedEx Freight segment

 

1,826

 

1,905

 

(4%)

FedEx Services segment

 

8

 

4

 

100%

Other and eliminations

 

800

 

1,015

 

(21%)

Total Revenue

 

19,321

 

17,048

 

13%

Operating Expenses:

 

 

 

 

 

 

Salaries and employee benefits

 

6,852

 

6,087

 

13%

Purchased transportation

 

4,977

 

4,028

 

24%

Rentals

 

936

 

920

 

2%

Depreciation and amortization

 

926

 

879

 

5%

Fuel

 

565

 

870

 

(35%)

Maintenance and repairs

 

806

 

768

 

5%

Other

 

2,669

 

2,519

 

6%

Total Operating Expenses

 

17,731

 

16,071

 

10%

Operating Income:

 

 

 

 

 

 

FedEx Express segment

 

710

 

285

 

149%

FedEx Ground segment

 

834

 

644

 

30%

FedEx Freight segment

 

274

 

194

 

41%

Corporate, eliminations and other1

 

(228)

 

(146)

 

56%

Total Operating Income

 

1,590

 

977

 

63%

Other Income (Expense):

 

 

 

 

 

 

Interest, net

 

(184)

 

(137)

 

34%

Other retirement plans income

 

201

 

168

 

20%

Other, net

 

(1)

 

(12)

 

(92%)

Total Other Income

 

16

 

19

 

(16%)

Income Before Income Taxes

 

1,606

 

996

 

61%

Provision for Income Taxes

 

361

 

251

 

44%

Net Income

 

$1,245

 

$745

 

67%

Diluted Earnings Per Share

 

$4.72

 

$2.84

 

66%

Weighted Average Common and

 

 

 

 

 

 

Common Equivalent Shares

 

263

 

262

 

Capital Expenditures

 

$1,424

 

$1,418

 

 

1 – Includes the FedEx Logistics and FedEx Office operating segments.

 

7


 

FEDEX CORP. CONDENSED CONSOLIDATED BALANCE SHEETS

 

First Quarter Fiscal 2021

(In millions)

 

 

 

August 31, 2020

 

 

 

 

(Unaudited)

 

May 31,  2020

ASSETS

 

 

 

 

Current Assets

 

 

 

 

Cash and cash equivalents

 

$6,954

 

$4,881

Receivables, less allowances

 

10,508

 

10,102

Spare parts, supplies and fuel, less allowances

 

593

 

572

Prepaid expenses and other

 

848

 

828

Total current assets

 

18,903

 

16,383

Property and Equipment, at Cost

 

66,446

 

65,024

Less accumulated depreciation and amortization

 

32,184

 

31,416

Net property and equipment

 

34,262

 

33,608

Other Long-Term Assets

 

 

 

 

Operating lease right-of-use assets, net

 

14,496

 

13,917

Goodwill

 

6,633

 

6,372

Other assets

 

3,354

 

3,257

Total other long-term assets

 

24,483

 

23,546

 

 

$77,648

 

$73,537

LIABILITIES AND COMMON STOCKHOLDERS'

   INVESTMENT

 

 

 

 

Current Liabilities

 

 

 

 

Current portion of long-term debt

 

$87

 

$51

Accrued salaries and employee benefits

 

1,756

 

1,569

Accounts payable

 

3,339

 

3,269

Operating lease liabilities

 

2,024

 

1,923

Accrued expenses

 

3,989

 

3,532

Total current liabilities

 

11,195

 

10,344

Long-Term Debt, Less Current Portion

 

23,204

 

21,952

Other Long-Term Liabilities

 

 

 

 

Deferred income taxes

 

3,171

 

3,162

Pension, postretirement healthcare and other benefit obligations

 

5,036

 

5,019

Self-insurance accruals

 

2,147

 

2,104

Operating lease liabilities

 

12,714

 

12,195

Other liabilities

 

719

 

466

Total other long-term liabilities

 

23,787

 

22,946

Commitments and Contingencies

 

 

 

 

Common Stockholders' Investment

 

 

 

 

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

 

32

 

32

Additional paid-in capital

 

3,375

 

3,356

Retained earnings

 

26,108

 

25,216

Accumulated other comprehensive loss

 

(1,020)

 

(1,147)

Treasury stock, at cost

 

(9,033)

 

(9,162)

Total common stockholders' investment

 

19,462

 

18,295

 

 

$77,648

 

$73,537

 

8


 

FEDEX CORP. CONDENSED CONSOLIDATED

STATEMENTS OF CASH FLOWS

 

First Quarter Fiscal 2021

(In millions)

(Unaudited)

 

 

 

Three Months Ended

August 31,

 

 

2020

 

2019

Operating Activities:

 

 

 

 

Net income

 

$1,245

 

$745

Noncash charges:

 

 

 

 

Depreciation and amortization

 

926

 

879

Other, net

 

749

 

866

Changes in operating assets and liabilities, net

 

(269)

 

(1,925)

Net cash provided by operating activities

 

2,651

 

565

Investing Activities:

 

 

 

 

Capital expenditures

 

(1,424)

 

(1,418)

Proceeds from asset dispositions and other

 

6

 

(1)

Net cash used in investing activities

 

(1,418)

 

(1,419)

Financing Activities:

 

 

 

 

Principal payments on debt

 

(45)

 

(985)

Proceeds from debt issuances

 

959

 

2,093

Proceeds from stock issuances

 

82

 

12

Dividends paid

 

(170)

 

(170)

Purchase of treasury stock

 

 

(3)

Other, net

 

(1)

 

(5)

Cash provided by financing activities

 

825

 

942

Effect of exchange rate changes on cash

 

15

 

(18)

Net increase in cash and cash equivalents

 

2,073

 

70

Cash and cash equivalents at beginning of period

 

4,881

 

2,319

Cash and cash equivalents at end of period

 

$6,954

 

$2,389

 

9


 

FEDEX EXPRESS SEGMENT FINANCIAL HIGHLIGHTS

 

First Quarter Fiscal 2021

(Dollars in millions)

(Unaudited)

 

 

 

Three Months Ended

August 31,

 

 

2020

 

2019

 

%

Revenue:

 

 

 

 

 

 

Package Revenue:

 

 

 

 

 

 

U.S. Overnight Box

 

$1,861

 

$1,866

 

U.S. Overnight Envelope

 

426

 

479

 

(11%)

Total U.S. Overnight

 

2,287

 

2,345

 

(2%)

U.S. Deferred

 

1,096

 

956

 

15%

Total U.S. Package Revenue

 

3,383

 

3,301

 

2%

International Priority

 

2,317

 

1,817

 

28%

International Economy

 

616

 

855

 

(28%)

Total International Export

   Package

 

2,933

 

2,672

 

10%

International Domestic1

 

1,088

 

1,076

 

1%

Total Package Revenue

 

7,404

 

7,049

 

5%

Freight Revenue:

 

 

 

 

 

 

U.S.

 

833

 

695

 

20%

International Priority

 

653

 

464

 

41%

International Economy

 

371

 

516

 

(28%)

International Airfreight

 

75

 

66

 

14%

Total Freight Revenue

 

1,932

 

1,741

 

11%

Other Revenue2

 

311

 

155

 

101%

Total Express Revenue

 

$9,647

 

$8,945

 

8%

Operating Expenses:

 

 

 

 

 

 

Salaries and employee benefits

 

3,742

 

3,372

 

11%

Purchased transportation

 

1,304

 

1,232

 

6%

Rentals and landing fees

 

504

 

513

 

(2%)

Depreciation and amortization

 

477

 

462

 

3%

Fuel

 

496

 

743

 

(33%)

Maintenance and repairs

 

551

 

517

 

7%

Intercompany charges

 

461

 

469

 

(2%)

Other

 

1,402

 

1,352

 

4%

Total Operating Expenses

 

8,937

 

8,660

 

3%

Operating Income

 

$710

 

$285

 

149%

Operating Margin

 

7.4%

 

3.2%

 

4.2 pts

1 – International Domestic revenue relates to international intra-country operations.                 2 – Includes the operations of FedEx Custom Critical and FedEx Cross Border for the period ended August 31, 2020.

 

 

 

10


 

FEDEX EXPRESS SEGMENT OPERATING HIGHLIGHTS

 

First Quarter Fiscal 2021

(Unaudited)

 

 

 

Three Months Ended

August 31,

 

 

2020

 

2019

 

%

PACKAGE STATISTICS

 

 

 

 

 

 

Average Daily Package Volume (000s):

 

 

 

 

 

 

U.S. Overnight Box

 

1,287

 

1,218

 

6%

U.S. Overnight Envelope

 

483

 

562

 

(14%)

Total U.S. Overnight Package

 

1,770

 

1,780

 

(1%)

U.S. Deferred

 

1,207

 

976

 

24%

Total U.S. Domestic Package

 

2,977

 

2,756

 

8%

International Priority

 

696

 

530

 

31%

International Economy

 

260

 

294

 

(12%)

Total International Export Package

 

956

 

824

 

16%

International Domestic1

 

2,298

 

2,352

 

(2%)

Total Average Daily Packages

 

6,231

 

5,932

 

5%

Yield (Revenue Per Package):

 

 

 

 

 

 

U.S. Overnight Box

 

$22.25

 

$23.94

 

(7%)

U.S. Overnight Envelope

 

13.56

 

13.32

 

2%

U.S. Overnight Composite

 

19.88

 

20.59

 

(3%)

U.S. Deferred

 

13.97

 

15.29

 

(9%)

U.S. Domestic Composite

 

17.48

 

18.71

 

(7%)

International Priority

 

51.18

 

53.52

 

(4%)

International Economy

 

36.46

 

45.52

 

(20%)

Total International Export Composite

 

47.18

 

50.67

 

(7%)

International Domestic1

 

7.28

 

7.15

 

2%

Composite Package Yield

 

$18.28

 

$18.57

 

(2%)

FREIGHT STATISTICS

 

 

 

 

 

 

Average Daily Freight Pounds (000s):

 

 

 

 

 

 

U.S.

 

8,849

 

8,015

 

10%

International Priority

 

5,501

 

4,792

 

15%

International Economy

 

11,633

 

13,717

 

(15%)

International Airfreight

 

1,575

 

1,555

 

1%

Total Avg Daily Freight Pounds

 

27,558

 

28,079

 

(2%)

Revenue Per Freight Pound:

 

 

 

 

 

 

U.S.

 

$1.45

 

$1.36

 

7%

International Priority

 

1.83

 

1.51

 

21%

International Economy

 

0.49

 

0.59

 

(17%)

International Airfreight

 

0.74

 

0.66

 

12%

Composite Freight Yield

 

$1.08

 

$0.97

 

11%

Operating Weekdays

 

65

 

64

 

2%

1 – International Domestic revenue relates to international intra-country operations.

 

11


 

FEDEX GROUND SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS

 

First Quarter Fiscal 2021

(Dollars in millions)

(Unaudited)

 

 

 

Three Months Ended

August 31,

 

 

2020

 

2019

 

%

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

Revenue

 

$7,040

 

$5,179

 

36%

Operating Expenses:

 

 

 

 

 

 

Salaries and employee benefits

 

1,274

 

871

 

46%

Purchased transportation

 

3,291

 

2,303

 

43%

Rentals

 

264

 

239

 

10%

Depreciation and amortization

 

204

 

193

 

6%

Fuel

 

4

 

3

 

33%

Maintenance and repairs

 

107

 

87

 

23%

Intercompany charges

 

432

 

375

 

15%

Other

 

630

 

464

 

36%

Total Operating Expenses

 

6,206

 

4,535

 

37%

Operating Income

 

$834

 

$644

 

30%

Operating Margin

 

11.8%

 

12.4%

 

(0.6 pts)

 

 

 

 

 

 

 

OPERATING STATISTICS

 

 

 

 

 

 

Operating Weekdays

 

65

 

64

 

2%

Average Daily Package Volume (000s)

 

11,559

 

8,834

 

31%

Yield (Revenue Per Package)

 

$9.33

 

$9.13

 

2%

 

 

 

 

12


 

FEDEX FREIGHT SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS

 

First Quarter Fiscal 2021

(Dollars in millions)

(Unaudited)

 

 

 

Three Months Ended

August 31,

 

 

2020

 

2019

 

%

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

Revenue

 

$1,826

 

$1,905

 

(4%)

Operating Expenses:

 

 

 

 

 

 

Salaries and employee benefits

 

858

 

919

 

(7%)

Purchased transportation

 

170

 

187

 

(9%)

Rentals

 

56

 

52

 

8%

Depreciation and amortization

 

106

 

94

 

13%

Fuel

 

65

 

123

 

(47%)

Maintenance and repairs

 

53

 

65

 

(18%)

Intercompany charges

 

119

 

126

 

(6%)

Other

 

125

 

145

 

(14%)

Total Operating Expenses

 

1,552

 

1,711

 

(9%)

Operating Income

 

$274

 

$194

 

41%

Operating Margin

 

15.0%

 

10.2%

 

4.8 pts

 

 

 

 

 

 

 

OPERATING STATISTICS

 

 

 

 

 

 

Operating Weekdays

 

65

 

64

 

2%

Average Daily Shipments (000s):

 

 

 

 

 

 

Priority

 

71.3

 

78.5

 

(9%)

Economy

 

30.1

 

32.8

 

(8%)

Total Average Daily Shipments

 

101.4

 

111.3

 

(9%)

Weight Per Shipment (lbs):

 

 

 

 

 

 

Priority

 

1,096

 

1,156

 

(5%)

Economy

 

998

 

960

 

4%

Composite Weight Per Shipment

 

1,067

 

1,098

 

(3%)

Revenue/Shipment:

 

 

 

 

 

 

Priority

 

$259.90

 

$255.45

 

2%

Economy

 

302.74

 

295.75

 

2%

Composite Revenue/Shipment

 

$272.62

 

$267.34

 

2%

Revenue/CWT:

 

 

 

 

 

 

Priority

 

$23.71

 

$22.10

 

7%

Economy

 

30.34

 

30.81

 

(2%)

Composite Revenue/CWT

 

$25.55

 

$24.35

 

5%

 

 

13