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Second quarter revenue was approximately $700 million below the lower end of the range we expected coming into the quarter. Approximately $300 million of this variance was due to an accelerated decline in forwarding revenue at FedEx Logistics. The remaining variance versus our Q2 outlook was driven about half by Express and the balance by Ground and Freight combined.
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2023 Q2
22 Dec 22
In Q2, we achieved over $900 million of savings, exceeding the cost target we shared with you last quarter. This brings our total year-to-date progress to $1.2 billion.
As we look to the remainder of the fiscal year, we have identified additional savings, bringing our target for fiscal year '23 to be approximately $3.7 billion in cuts.
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2023 Q2
22 Dec 22
ground service is now back to pre-pandemic levels
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2023 Q2
22 Dec 22
back half is we are anticipating that we will see our Asia yields decrease in the second half.
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2023 Q2
21 Dec 22
o we will project revenues to be down year-over-year in Q1
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2023 Q2
21 Dec 22
we're going to have more yield pressure relative to the increases we saw in the first half of the year
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2023 Q2
21 Dec 22
business conditions to remain challenging in the second half of FY '23
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2023 Q2
21 Dec 22
However, in Asia, we do expect to face continued yield pressure due to lower demand for priority services.
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2023 Q2
21 Dec 22
As a result, our year-over-year volume comps will improve as we move through the back half of this fiscal year.
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2023 Q2
21 Dec 22
Revenue at FedEx Express was down 3% year-over-year, primarily due to volume and yield softness in Europe and Asia.
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2023 Q2
21 Dec 22
ground ser
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2023 Q2
21 Dec 22
FedEx Ground, where, despite volume being down 9% in the quarter
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2023 Q2
21 Dec 22
FedEx Express segment $10,864 $11,605
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8-K
20 Dec 22
Second quarter fiscal 2022 net income included a pre-tax, noncash MTM net loss of $260 million ($195 million, net of tax, or $0.73 per diluted share) related to the termination of a TNT Express European pension plan and a curtailment charge related to the U.S. FedEx Freight pension plan.
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8-K
20 Dec 22
Commitments
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10-Q
2023 Q1
11 Dec 22
expecting revenue of between $23.5 billion to $24 billion in the fiscal second quarter, and adjusted earnings per share, excluding costs related to business optimization and realignment initiatives of $2.75 or greater in the second quarter.
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2023 Q1
11 Dec 22
plan to repurchase $1.5 billion of stock in fiscal 2023.
We expect to purchase $1 billion in the second quarter.
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2023 Q1
11 Dec 22
we have reduced our forecast for capital spend for fiscal 2023 to $6.3 billion compared to our prior $6.8 billion forecast.
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2023 Q1
11 Dec 22
Starting with fiscal year ‘23, we are prioritizing cost actions to generate $2.2 billion to $2.7 billion of savings, of which about $1 billion will be permanent.
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2023 Q1
11 Dec 22
our service at Ground as we head here into the peak season for e-commerce.
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2023 Q1
27 Sep 22