For this reason, a full reconciliation of our fiscal 2018 earnings guidance to the most directly comparable gaap measure is impracticable. It is reasonably possible, however, that our fourth quarter fiscal 2018 mtm pension accounting adjustments could have a material impact on our fiscal 2018 consolidated financial results. The last table included below outlines the impact of the items that are excluded from our earnings guidance, other than the year-end mtm pension accounting adjustments. First quarter Fiscal 2018 FedEx Corporation Dollars in millions, except eps operating Income margin Income taxes1 Net Income2 Diluted Earnings Per Share gaap measure 1,117.19 tnt express integration expenses3 112.7 30.30 FedEx Trade networks legal matters.1 2.02. Earnings Outlook dollars in millions, except eps adjustments Diluted Earnings Per Share earnings per diluted share before mtm pension accounting adjustments (non-gaap)4.05.85 tnt express integration expenses 350 Income tax effect1 (98) Net of tax effect 252.93 FedEx Trade networks legal matters. 2 Effect of Total other (expense) income on net income amount not shown. 3 These expenses were recognized at FedEx Corporate and FedEx Express.
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 companys and each business segments ongoing performance. Our non-gaap measures are intended to supplement and should be read together with, and are not an alternative or review 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 sec rules, the tables below present a reconciliation of our presented non-gaap financial measures to the most directly comparable gaap measures. Fiscal 2018 Earnings guidance our fiscal 2018 earnings guidance is a non-gaap financial measure because it excludes the fiscal 2018 year-end mtm pension accounting adjustments, charges related to certain first quarter FedEx Trade networks legal matters and projected fiscal 2018 tnt express integration expenses, including. We have provided this non-gaap earnings guidance measure for the same reasons that were outlined above for historical non-gaap measures. We are unable to predict the amount of the year-end mtm pension accounting adjustments, as they are significantly impacted by changes in interest rates and the financial markets, so such adjustments are not included in our earnings guidance.
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 20 consolidated operating income and margin, net income and diluted earnings per share, and adjusted first quarter fiscal. These financial measures have been adjusted to exclude the impact of the following items (as applicable tnt express integration expenses; and Charges related to certain pending. Customs and Border Protection matters involving FedEx Trade networks. We expect to incur significant expenses over the next few years in connection with our integration of tnt express. We have adjusted our first quarter fiscal 20 financial measures and the fedEx Express segment first quarter fiscal 20 financial measures to exclude these items 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 wages, advertising expenses and travel. Internal salaries and wages are included only to the extent the individuals are assigned full-time to integration activities. Charges related to certain FedEx Trade networks legal matters are excluded from our first quarter fiscal 2018 non-gaap financial measures because they are unrelated to our core operating performance and to assist investors with assessing trends in our underlying business. 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 companys and our business segments core operating performance, and may assist investors with comparisons.
FedEx, annual, report 2011 cargo, fed
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 for considered forward-looking statements, such as statements relating to managements 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 uncertainties include, but are not limited to, economic conditions in the global markets in which we operate, a significant data breach or other disruption to our technology infrastructure, the ongoing impact of the june 27 cyberattack affecting tnt express, our ability. Domestic or international government regulation, our ability to effectively operate, integrate and leverage acquired businesses, our ability to achieve our FedEx Express segment profit improvement goal, legal challenges or changes related to owner-operators engaged by fedEx Ground and the drivers providing services on their behalf.
Postal Service, the impact from any terrorist activities or international conflicts 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. Reconciliations of non-gaap financial measures to gaap financial measures first quarter Fiscal 2018 and Fiscal 2017 Results The company reports its financial results in accordance with accounting principles generally accepted in the United States (gaap or reported).
Average daily less-than-truckload (LTL) shipments grew 1 as the company continues its focus on revenue quality. Operating results improved primarily due to the benefit from higher ltl revenue per shipment. 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 61 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 400,000 team members to remain "absolutely, positively" 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. Additional information and operating data are contained in the companys annual report, form 10-k, form 10-Qs, form 8-Ks, Statistical books and first quarter fiscal 2018 Earnings Presentation. These materials, as well as a webcast of the earnings release conference call to be held at 5:00. Edt on September 19, are available on the companys website. A replay of the conference call webcast will be posted on our website following the call. The Investor Relations page of our website, m, 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.
FedEx, annual, report 2011 - docShare
Effective january 22, 2018, dimensional weight pricing will apply to fedEx SmartPost shipments. Details related to these and additional changes to rates and surcharges are available at m/rates2018. FedEx mattress Express Segment For the first quarter, the fedEx Express segment (which includes tnt express) reported (adjusted measures exclude tnt express integration expenses fiscal 20Reported (gaap) Adjusted (non-gaap) As Reported (gaap) Adjusted (non-gaap) revenue.65 billion.65 billion.46 billion.46 billion Operating income 433. Domestic package base rates and strong international package growth, partially offset by the impact from the tnt express cyberattack. Operating results declined due to an estimated 300 million impact from the cyberattack, which was partially offset by the benefits from revenue growth, lower incentive compensation accruals and ongoing cost management initiatives. As-reported results include 88 million of tnt express integration expenses. FedEx Ground Segment For the first quarter, the fedEx Ground segment reported: Fiscal 20 Change revenue.64 billion.29 billion 8 Operating income 626 million 610 million 3 Operating margin.5.2 (0.7 pts) revenue increased primarily due to average daily package volume growth. Operating income grew 3 due to revenue growth and lower incentive compensation accruals, which offset continued network expansion and staffing costs, higher purchased transportation expenses and increased self-insurance reserves. FedEx Freight Segment For the first quarter, the fedEx Freight segment reported: Fiscal 20 Change revenue.75 billion.66 billion 6 Operating income 176 million 135 million 30 Operating margin.0.1.9 pts revenue increased primarily due to higher base rates, increased weight per.
Before year-end mtm pension accounting adjustments, earnings are now projected to.05.85 per diluted share for fiscal 2018. The students earnings forecast before year-end mtm pension accounting adjustments and excluding expenses related to tnt express integration and certain first quarter FedEx Trade networks legal matters is now.00.80 per diluted share for fiscal 2018. These forecasts assume moderate economic growth and continued recovery from the cyberattack. The capital spending forecast for fiscal 2018 remains.9 billion. The impact of the cyberattack on tnt express and lower-than-expected results at FedEx Ground reduced our first quarter earnings, said Alan. Graf,., fedEx Corp. Executive vice president and chief financial officer. We are currently executing plans to mitigate the full-year impact of these issues. 2018 Rate Increases As previously announced, effective january 1, 2018, fedEx Express, fedEx Ground and FedEx Freight will increase shipping rates by an average.9.
the quarter benefited from higher base rates at each. Results also benefited from lower incentive compensation accruals. The worldwide operations of tnt express were significantly affected during the first quarter by the june 27 NotPetya cyberattack. Most tnt express services resumed during the quarter and substantially all tnt express critical operational systems have been restored. However, tnt express volume, revenue and profit still remain below previous levels. Outlook fedEx is unable to forecast the fiscal 2018 year-end mark-to-market (MTM) pension accounting adjustments. As a result, the company is unable to provide fiscal 2018 earnings guidance on a gaap basis. The company is lowering its fiscal 2018 forecast due to the estimated full-year impacts of the tnt express cyberattack.
Memphis, tenn., september 19, 2017. Today reported earnings.19 per diluted share (2.51 per diluted share on an adjusted basis) for the first quarter ended August 31, compared to earnings.65 per diluted share (2.82 per diluted share on an adjusted basis) a year ago. Both as-reported and adjusted earnings reflect the estimated negative impact of the june 27 cyberattack affecting tnt express (0.79 per diluted share) and Hurricane harvey (0.02 per diluted share). This years and last years quarterly consolidated earnings have been adjusted for: Impact per diluted share, first quarter, fiscal 2018. Fiscal 2017, tnt express integration expenses.30.17, fedEx Trade networks legal matters.02 —, the first quarter posed significant operational challenges writing due to the tnt express cyberattack and Hurricane harvey, and I want to thank our team members for their extraordinary dedication and performance. Chairman and chief executive officer. We are confident of our prospects for long-term profitable growth, and we reaffirm our commitment to improve operating income at the fedEx Express segment.2 billion.5 billion in fiscal 2020 versus fiscal 2017. First quarter Results, fedEx Corp. Reported the following consolidated results for the first quarter (adjusted measures exclude the items listed above for the applicable fiscal year fiscal 2018.
FedEx - investor Relations, annual, reports
Liabilities Not Assumed.1, notwithstanding condition.2 the carrier shall have no liability whatsoever and howsoever arising (and for the avoidance of doubt including but not limited to reviews breach of contract, negligence, gross negligence or wilful acts or omissions) in respect of:.1.1, indirect, special. 12.2, notwithstanding Condition.2 the carrier shall not be liable for damage to:.2.1 glassware or any item containing glass;.2.2 plasma televisions.3, notwithstanding Condition.2 the carrier shall not be liable for any loss, mis-delivery or non delivery of or damage. The carrier shall not be liable for any loss, mis-delivery or non delivery of or damage or delay caused by or resulting from :.4.1 any event beyond the control of the carrier including but not limited to an act of God, weather conditions, natural. 12.5 The carrier shall not in any circumstances be liable for loss of or damage to goods after Transit of such goods is deemed to have ended within the meaning of Condition.6 or Condition.4 hereof whether or not caused or contributed to directly. 12.6 The carrier shall not in any circumstances be liable in respect of a shipment where there has been fraud on the part of the Shipper or the owner of the goods or the servants or agents of either in respect of that Shipment unless. 12.7 foods and foodstuffs: The carrier provides delivery services for customers from a number of different industries and the Shipper agrees and acknowledges that the carrier can provide no guarantee or assurance that any food or foodstuffs provided to the carrier for carriage will not. The Shipper agrees and acknowledges that the carrier will have no liability to the Shipper for any contamination of or damage to any food or foodstuffs that the Shipper provides to the carrier or for any failure by the carrier to comply with the food. 12.8 The carrier shall not be liable in any circumstances for any claim, which relates to seizure, detention or destruction of goods in the course of transit by any government authorities). Cyberattack lowers Results, download Earnings Release (pdf 165 KB).