(UNAUDITED)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
February 28,
|
|
|
February 28,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
REVENUES
|
|
$
|
16,526
|
|
|
$
|
14,997
|
|
|
$
|
48,136
|
|
|
$
|
44,591
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
5,981
|
|
|
|
5,395
|
|
|
|
17,241
|
|
|
|
16,059
|
|
Purchased transportation
|
|
|
3,935
|
|
|
|
3,498
|
|
|
|
11,220
|
|
|
|
10,169
|
|
Rentals and landing fees
|
|
|
873
|
|
|
|
834
|
|
|
|
2,526
|
|
|
|
2,426
|
|
Depreciation and amortization
|
|
|
786
|
|
|
|
762
|
|
|
|
2,293
|
|
|
|
2,241
|
|
Fuel
|
|
|
914
|
|
|
|
735
|
|
|
|
2,435
|
|
|
|
2,043
|
|
Maintenance and repairs
|
|
|
628
|
|
|
|
588
|
|
|
|
1,968
|
|
|
|
1,765
|
|
Other
|
|
|
2,408
|
|
|
|
2,160
|
|
|
|
7,073
|
|
|
|
6,432
|
|
|
|
|
15,525
|
|
|
|
13,972
|
|
|
|
44,756
|
|
|
|
41,135
|
|
OPERATING INCOME
|
|
|
1,001
|
|
|
|
1,025
|
|
|
|
3,380
|
|
|
|
3,456
|
|
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest, net
|
|
|
(125
|
)
|
|
|
(122
|
)
|
|
|
(363
|
)
|
|
|
(354
|
)
|
Other, net
|
|
|
(2
|
)
|
|
|
(4
|
)
|
|
|
(22
|
)
|
|
|
17
|
|
|
|
|
(127
|
)
|
|
|
(126
|
)
|
|
|
(385
|
)
|
|
|
(337
|
)
|
INCOME BEFORE INCOME TAXES
|
|
|
874
|
|
|
|
899
|
|
|
|
2,995
|
|
|
|
3,119
|
|
PROVISION FOR INCOME TAXES
|
|
|
(1,200
|
)
|
|
|
337
|
|
|
|
(450
|
)
|
|
|
1,142
|
|
NET INCOME
|
|
$
|
2,074
|
|
|
$
|
562
|
|
|
$
|
3,445
|
|
|
$
|
1,977
|
|
EARNINGS PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
7.74
|
|
|
$
|
2.11
|
|
|
$
|
12.85
|
|
|
$
|
7.43
|
|
Diluted
|
|
$
|
7.59
|
|
|
$
|
2.07
|
|
|
$
|
12.63
|
|
|
$
|
7.31
|
|
DIVIDENDS DECLARED PER COMMON SHARE
|
|
$
|
0.50
|
|
|
$
|
0.40
|
|
|
$
|
2.00
|
|
|
$
|
1.60
|
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
- 5 -
FEDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(IN MILLIONS)
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
February 28,
|
|
|
February 28,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
NET INCOME
|
|
$
|
2,074
|
|
|
$
|
562
|
|
|
$
|
3,445
|
|
|
$
|
1,977
|
|
OTHER COMPREHENSIVE INCOME (LOSS):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of tax of $9, $3, $26, and $19
|
|
|
100
|
|
|
|
110
|
|
|
|
119
|
|
|
|
(108
|
)
|
Amortization of prior service credit, net of tax of $7, $12, $29, and $34
|
|
|
(23
|
)
|
|
|
(19
|
)
|
|
|
(61
|
)
|
|
|
(57
|
)
|
|
|
|
77
|
|
|
|
91
|
|
|
|
58
|
|
|
|
(165
|
)
|
COMPREHENSIVE INCOME
|
|
$
|
2,151
|
|
|
$
|
653
|
|
|
$
|
3,503
|
|
|
$
|
1,812
|
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
- 6 -
FEDEX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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