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FedEx
reported its second quarter earnings on Wednesday. Shares of the company are down 4%.
Below are some key highlights from its conference call:
• FedEx posted strong results and a higher operating margin with earnings up year-over-year at 36% per share with continued growth in volumes and base yields in our transportation segments.
• Results also were positively affected by the benefits from our ongoing FedEx Express profit improvement program, which is on track.
• We expect revenue and earnings growth to continue into the third quarter and the remainder of 2015, driven by ongoing improvements in the results of our transportation segments.
• In Bongo International, we've acquired a leader in global cross-border e-commerce technology and solutions.
• Bongo's technology and processes provide a comprehensive end-to-end solution that helps retailers and e-tailers grow by reaching international e-commerce consumers.
• Bongo is delivering cross-border enablement solutions to a base of more than 2,000 retailers to more than 200 countries worldwide.
• We expect industrial production to grow at 3.9% in calendar 2015. Global economic growth is expected to broaden with the U.S. leading and emerging markets picking up.
• We expect global growth of 3% in calendar 2015.
• We had a spectacular second quarter as our earnings per share grew 36% to $2.14, corporate margin rose 120 basis points year-over-year to 8.5%. Revenue grew 5% to $11.9 billion.
• Segment revenues increased 8% due to volume and yield growth at Ground and yield growth at SmartPost.
• Turning now to the outlook, based on the economic outlook that Mike outlined, we reaffirm our FY 2015 earnings per share forecast of $8.50 to $9.00.
• The outlook assumes continued moderate economic growth and a modest net benefit from fuel.
• We expect revenue and earnings growth to continue for the rest of the year as moderate global economic growth drives volume and yield.
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