EX-99.1 2 c09679exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
FOR IMMEDIATE RELEASE
FedEx Corp. Reports Second Quarter Earnings
Full-Year Earnings Outlook Increased
MEMPHIS, Tenn., December 16, 2010 ... FedEx Corp. (NYSE: FDX) today reported earnings of $0.89 per diluted share for the second quarter ended November 30. Excluding certain charges described below, second quarter earnings were $1.16 per diluted share, compared to $1.10 per diluted share a year ago.
“Solid demand for our transportation solutions, outstanding customer service from FedEx team members and a healthier global economy helped drive second-quarter revenue higher,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “Our yield improvement strategy is working, holiday peak season volumes are exceeding our expectations and our economic forecast for calendar 2011 has improved. Accordingly, we have increased our earnings outlook for our current fiscal year.”
Reported results for the current quarter include costs related to the previously announced combination of the company’s FedEx Freight and FedEx National LTL operations and a reserve associated with a legal matter at FedEx Express, which together negatively impacted earnings by a net $0.27 per diluted share. Last year’s second quarter results included a benefit from plan design changes to a self-insurance program at FedEx Express, which increased earnings by a net $0.05 per diluted share.
Second Quarter Results
FedEx Corp. reported the following consolidated results for the second quarter:
    Revenue of $9.63 billion, up 12% from $8.60 billion the previous year
 
    Operating income of $469 million, down 18% from $571 million last year
 
    Operating margin of 4.9%, down from 6.6% the previous year
 
    Net income of $283 million, down 18% from $345 million a year ago

 

 


 

While shipments and yields grew in all transportation segments, earnings were reduced by costs related to the January 30, 2011 combination of FedEx Freight and FedEx National LTL operations, including severance costs associated with personnel reductions and non-cash asset impairment charges. Earnings were also reduced by a reserve for a legal matter at FedEx Express. The reinstatement of certain employee compensation programs, and higher pension and aircraft maintenance expenses, also impacted earnings.
Outlook
FedEx projects earnings to be $0.95 to $1.15 per diluted share in the third quarter and $5.00 to $5.30 per diluted share for fiscal 2011, up from the company’s previous estimate of $4.80 to $5.25 per diluted share. This guidance excludes any FedEx Freight combination costs and the second quarter legal reserve, and also assumes stable fuel prices and continued moderate growth in the global economy. Including costs from the FedEx Freight combination and the legal reserve, earnings are expected to be $0.78 to $1.04 per diluted share for the third quarter and $4.59 to $4.95 per diluted share for fiscal 2011. The company reported earnings of $0.76 per diluted share in last year’s third quarter. The capital spending forecast for fiscal 2011 remains $3.5 billion.
“Our operating performance in the quarter was impacted by strong compensation and benefits headwinds as we reinstated programs curtailed during the recession,” said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. “During the quarter, we also realized more normalized growth in FedEx International Priority® shipments and higher fuel prices than our earnings guidance had assumed. Yield improvement and cost management remain our focus. We expect margins to improve in the second half of fiscal 2011 and in fiscal 2012, as we continue to benefit from solid global demand for our differentiated services and as certain cost headwinds subside next fiscal year.”
FedEx Express Segment
For the second quarter, the FedEx Express segment reported:
    Revenue of $5.99 billion, up 13% from last year’s $5.31 billion
 
    Operating income of $264 million, down 23% from $345 million a year ago
 
    Operating margin of 4.4%, down from 6.5% the previous year

 

2


 

FedEx International Priority (IP) average daily package volume increased 11%, led by exports from Asia. IP revenue per package grew 3% due to improved weight per package and higher fuel surcharges. IP Freight pounds increased 29%, with revenue per pound up 5%. U.S. domestic average daily package volume increased 3% and revenue per package grew 5% due to improved base pricing, higher fuel surcharges and improved weight per package.
Operating income and margin were negatively impacted by a $66 million reserve associated with an adverse jury decision in the ATA Airlines lawsuit. In addition, prior year results included a one time benefit from plan design changes for a self insurance program. The combination of these two items significantly impacted the year-over-year operating margin comparison. The reinstatement of certain employee compensation programs, increased aircraft maintenance costs and higher pension expenses also impacted operating income and margin.
Earlier today, FedEx announced an agreement to acquire Servicios Nacionales Mupa, SA de CV (MultiPack), a Mexican domestic express package delivery company. Last month, FedEx Express announced plans to acquire the logistics, distribution and express businesses of AFL Pvt. Ltd. and its affiliate, Unifreight India Pvt. Ltd. Once completed, these acquisitions will give FedEx more robust domestic transportation and related capabilities in these important global markets.
FedEx Ground Segment
For the second quarter, the FedEx Ground segment reported:
    Revenue of $2.08 billion, up 13% from last year’s $1.84 billion
 
    Operating income of $296 million, up 24% from $238 million a year ago
 
    Operating margin of 14.3%, up from 13.0% the previous year
FedEx Ground average daily package volume grew 7% in the second quarter driven by increases in the business-to-business market and FedEx Home Delivery. Yield increased 5% primarily due to higher fuel surcharges and rate increases. FedEx SmartPost average daily volume increased 17% due to growth in e-commerce, gains in market share and the introduction of new service offerings. FedEx SmartPost yield increased 10% primarily due to lower postage costs as a result of increased deliveries to U.S. Postal Service final destination facilities and increased fuel surcharges.
Operating income and margin increased primarily due to higher package yield and volume.

 

3


 

FedEx Ground and FedEx Home Delivery will increase shipping rates by a net average of 4.9% effective January 3, 2011. The full average rate increase of 5.9% will be partially offset by adjusting the fuel price threshold at which the fuel surcharge begins, reducing the fuel surcharge by one percentage point. FedEx Ground will make additional changes to dimensional weight charges and surcharges, and FedEx SmartPost rates will also increase.
FedEx Freight Segment
For the second quarter, the FedEx Freight segment reported:
    Revenue of $1.22 billion, up 14% from last year’s $1.07 billion
 
    Operating loss of $91 million, compared with an operating loss of $12 million a year ago
 
    Operating margin of (7.5%), compared with (1.1%) the previous year
Less-than-truckload (LTL) average daily shipments increased 8%. LTL yield increased 7% year-over-year and 5% from the first quarter, primarily due to yield management programs that include targeted improvement from lower-performing accounts.
The operating loss in the quarter largely resulted from $86 million of costs associated with the combination of the FedEx Freight and FedEx National LTL operations, which will become effective January 30, 2011. These costs primarily relate to severance expenses, asset impairment charges and accelerated depreciation expenses. Additional costs associated with this program totaling $54 to $84 million are expected in the third quarter. The total expected cost of this program has been reduced to $140 to $170 million.
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 $37 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 285,000 team members to remain “absolutely, positively” focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit news.fedex.com.

 

4


 

Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs and second quarter fiscal 2011 Statistical Book. These materials, as well as a Webcast of the earnings release conference call to be held at 8:30 a.m. EST on December 16 are available on the company’s Web site at www.fedex.com/us/investorrelations. A replay of the conference call Webcast will be posted on our Web site following the call.
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. 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, legal challenges or changes related to FedEx Ground’s owner-operators, new U.S. domestic or international government regulation, the impact from any terrorist activities or international conflicts, our ability to effectively operate, integrate and leverage acquired businesses, changes in fuel prices and currency exchange rates, our ability to match capacity to shifting volume levels and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and filings with the SEC.
Media Contact: Jess Bunn 901-818-7463
Investor Contact: Mickey Foster 901-818-7468
Home Page: fedex.com

 

5


 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
The company believes that meaningful analysis of our financial performance requires an understanding of the factors underlying that performance and our judgments about the likelihood that particular factors will repeat. Excluding a reserve associated with a legal matter and the costs of the combination of FedEx Freight and FedEx National LTL operations from our second quarter earnings and our earnings guidance, net of applicable incentive compensation impacts, will allow more accurate comparisons to prior periods of our second quarter operating performance and our expected operating performance in fiscal 2011. As required by SEC rules, the tables below present a reconciliation of our presented non-GAAP measures to the most directly comparable GAAP measures.
Fiscal 2011 Second Quarter Earnings
         
    Q2 Diluted  
    Earnings Per Share  
 
       
Non-GAAP Measure
  $ 1.16  
 
       
FedEx Freight Combination Costs
    (0.17 )
 
       
ATA Legal Reserve
    (0.10 )
 
     
 
       
GAAP Measure
  $ 0.89  
 
     
Fiscal 2011 Third Quarter and Full-Year Earnings Guidance
                 
    Q3 Diluted     FY 2011 Diluted  
    EPS Guidance     EPS Guidance  
 
               
Non-GAAP Measure
  $ 0.95 to $1.15     $ 5.00 to $5.30  
 
               
FedEx Freight Combination Costs
  (0.17 to 0.11)     (0.34 to 0.28)  
 
               
ATA Legal Reserve
          (0.07)  
 
           
 
               
GAAP Measure
  $ 0.78 to $1.04     $ 4.59 to $4.95  
 
           
* * *

 

6


 

FEDEX CORP. FINANCIAL HIGHLIGHTS
Second Quarter Fiscal 2011
(In millions, except earnings per share and FTEs)
(Unaudited)
                                                 
    Three Months Ended     Six Months Ended  
    November 30     November 30  
    2010     2009     %     2010     2009     %  
Revenue:
                                               
FedEx Express segment
  $ 5,992     $ 5,314       13 %   $ 11,904     $ 10,238       16 %
FedEx Ground segment
    2,077       1,837       13 %     4,038       3,567       13 %
FedEx Freight segment
    1,221       1,068       14 %     2,479       2,050       21 %
FedEx Services segment
    434       465       (7 %)     849       916       (7 %)
Other & eliminations
    (92 )     (88 )   NM       (181 )     (166 )   NM  
 
                                       
Total Revenue
    9,632       8,596       12 %     19,089       16,605       15 %
 
                                               
Operating Expenses:
                                               
Salaries and employee benefits
    3,779       3,424       10 %     7,582       6,801       11 %
Purchased transportation
    1,390       1,155       20 %     2,717       2,209       23 %
Rentals and landing fees
    628       593       6 %     1,229       1,171       5 %
Depreciation and amortization
    502       487       3 %     981       982       (0 %)
Fuel
    938       744       26 %     1,825       1,410       29 %
Maintenance and repairs
    473       410       15 %     990       811       22 %
Impairment and other charges
    67           NM       67           NM  
Other
    1,386       1,212       14 %     2,601       2,335       11 %
 
                                       
Total Operating Expenses
    9,163       8,025       14 %     17,992       15,719       14 %
 
                                               
Operating Income (Loss):
                                               
FedEx Express segment
    264       345       (23 %)     621       449       38 %
FedEx Ground segment
    296       238       24 %     583       447       30 %
FedEx Freight segment
    (91 )     (12 )   NM       (107 )     (10 )   NM  
 
                                       
Total Operating Income
    469       571       (18 %)     1,097       886       24 %
 
                                               
Other Expense:
                                               
Interest, net
    (23 )     (15 )     53 %     (41 )     (33 )     24 %
Other, net
    (9 )     (9 )           (16 )     (12 )     33 %
 
                                       
Total Other Expense
    (32 )     (24 )     33 %     (57 )     (45 )     27 %
 
                                               
Pretax Income
    437       547       (20 %)     1,040       841       24 %
 
                                               
Provision for Income Taxes
    154       202       (24 %)     377       315       20 %
 
                                       
 
                                               
Net Income
  $ 283     $ 345       (18 %)   $ 663     $ 526       26 %
 
                                       
 
                                               
Diluted Earnings Per Share
  $ 0.89     $ 1.10       (19 %)   $ 2.09     $ 1.68       24 %
 
                                       
 
                                               
Weighted Average Common and Common Equivalent Shares
    316       314       1 %     316       313       1 %
 
                                               
Capital Expenditures
  $ 1,047     $ 668       57 %   $ 2,059     $ 1,549       33 %
 
                                               
Average Full-Time Equivalents (000s)
    255       244       5 %     253       241       5 %

 

7


 

FEDEX CORP. CONDENSED CONSOLIDATED BALANCE SHEETS
Second Quarter Fiscal 2011
(In millions)
                 
    Nov. 30, 2010        
    (Unaudited)     May 31, 2010  
ASSETS
               
 
               
Current Assets
               
Cash and cash equivalents
  $ 1,877     $ 1,952  
Receivables, less allowances
    4,279       4,163  
Spare parts, supplies and fuel, less allowances
    400       389  
Deferred income taxes
    540       529  
Prepaid expenses and other
    302       251  
 
           
Total current assets
    7,398       7,284  
 
               
Property and Equipment, at Cost
    32,720       31,302  
Less accumulated depreciation and amortization
    17,454       16,917  
 
           
Net property and equipment
    15,266       14,385  
 
               
Other Long-Term Assets
               
Goodwill
    2,224       2,200  
Other assets
    1,205       1,033  
 
           
Total other long-term assets
    3,429       3,233  
 
           
 
               
 
  $ 26,093     $ 24,902  
 
           
 
               
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
               
 
               
Current Liabilities
               
Current portion of long-term debt
  $ 251     $ 262  
Accrued salaries and employee benefits
    1,231       1,146  
Accounts payable
    1,561       1,522  
Accrued expenses
    1,820       1,715  
 
           
Total current liabilities
    4,863       4,645  
 
               
Long-Term Debt, Less Current Portion
    1,667       1,668  
 
               
Other Long-Term Liabilities
               
Deferred income taxes
    976       891  
Pension, postretirement healthcare and other benefit obligations
    1,731       1,705  
Self-insurance accruals
    969       960  
Deferred lease obligations
    913       804  
Deferred gains, principally related to aircraft transactions
    257       267  
Other liabilities
    156       151  
 
           
Total other long-term liabilities
    5,002       4,778  
 
               
Commitments and Contingencies
               
 
               
Common Stockholders’ Investment
               
Common stock, $0.10 par value, 800 million shares authorized
    31       31  
Additional paid-in capital
    2,343       2,261  
Retained earnings
    14,515       13,966  
Accumulated other comprehensive loss
    (2,316 )     (2,440 )
Treasury stock, at cost
    (12 )     (7 )
 
           
Total common stockholders’ investment
    14,561       13,811  
 
           
 
               
 
  $ 26,093     $ 24,902  
 
           

 

8


 

FEDEX CORP. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Second Quarter Fiscal 2011
(In millions)
(Unaudited)
                 
    Six Months Ended  
    November 30  
    2010     2009  
 
               
Operating Activities:
               
Net income
  $ 663     $ 526  
Noncash charges:
               
Depreciation and amortization
    981       982  
Other, net
    262       176  
Changes in operating assets and liabilities, net
    105       (327 )
 
           
 
               
Net cash provided by operating activities
    2,011       1,357  
 
               
Investing Activities:
               
Capital expenditures
    (2,059 )     (1,549 )
Proceeds from asset dispositions and other
    7       33  
 
           
 
               
Net cash used in investing activities
    (2,052 )     (1,516 )
 
               
Financing Activities:
               
Principal payments on debt
    (12 )     (625 )
Dividends paid
    (76 )     (69 )
Other, net
    29       13  
 
           
 
               
Net cash used in financing activities
    (59 )     (681 )
 
           
 
               
Effect of exchange rate changes on cash
    25       13  
 
           
 
               
Net decrease in cash and cash equivalents
    (75 )     (827 )
 
               
Cash and cash equivalents at beginning of period
    1,952       2,292  
 
           
Cash and cash equivalents at end of period
  $ 1,877     $ 1,465  
 
           

 

9


 

FEDEX EXPRESS SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS
Second Quarter Fiscal 2011
(Dollars in millions)
(Unaudited)
                                                 
    Three Months Ended     Six Months Ended  
    November 30     November 30  
    2010     2009     %     2010     2009     %  
FINANCIAL HIGHLIGHTS
                                               
 
                                               
Revenue
  $ 5,992     $ 5,314       13 %   $ 11,904     $ 10,238       16 %
 
                                               
Operating Expenses:
                                               
Salaries and employee benefits
    2,253       2,036       11 %     4,511       4,079       11 %
Purchased transportation
    388       283       37 %     757       538       41 %
Rentals and landing fees
    427       396       8 %     830       781       6 %
Depreciation and amortization
    265       251       6 %     520       503       3 %
Fuel
    802       638       26 %     1,556       1,209       29 %
Maintenance and repairs
    320       267       20 %     672       528       27 %
Intercompany charges
    512       470       9 %     1,025       939       9 %
Other1
    761       628       21 %     1,412       1,212       17 %
 
                                       
Total Operating Expenses
    5,728       4,969       15 %     11,283       9,789       15 %
 
                                       
 
                                               
Operating Income
  $ 264     $ 345       (23 %)   $ 621     $ 449       38 %
 
                                       
 
                                               
Operating Margin
    4.4 %     6.5 %   (2.1 pts)     5.2 %     4.4 %   0.8 pts
 
                                               
OPERATING STATISTICS
                                               
 
                                               
Operating Weekdays
    63       63             128       128        
 
                                               
AVG DAILY VOLUME / POUNDS
                                               
Average Daily Package Volume (000s):
                                               
 
                                               
U.S. Overnight Box
    1,196       1,154       4 %     1,182       1,141       4 %
U.S. Overnight Envelope
    626       606       3 %     625       611       2 %
U.S. Deferred
    865       858       1 %     855       840       2 %
 
                                       
Total U.S. Domestic Package
    2,687       2,618       3 %     2,662       2,592       3 %
International Priority
    585       529       11 %     575       502       15 %
International Domestic
    354       338       5 %     339       315       8 %
 
                                       
Total Average Daily Packages
    3,626       3,485       4 %     3,576       3,409       5 %
 
                                       
 
                                               
Average Daily Freight Pounds (000s):
                                               
 
                                               
U.S.
    7,459       7,193       4 %     7,179       6,883       4 %
International Priority
    3,320       2,571       29 %     3,171       2,353       35 %
International Airfreight
    1,243       1,207       3 %     1,242       1,253       (1 %)
 
                                       
Total Avg Daily Freight Pounds
    12,022       10,971       10 %     11,592       10,489       11 %
 
                                       
 
                                               
YIELD
                                               
Revenue Per Package:
                                               
 
                                               
U.S. Overnight Box
  $ 19.75     $ 18.87       5 %   $ 19.70     $ 18.51       6 %
U.S. Overnight Envelope
    10.54       10.36       2 %     10.59       10.27       3 %
U.S. Deferred
    12.24       11.58       6 %     12.12       11.40       6 %
 
                                       
Total U.S. Domestic Package
    15.19       14.51       5 %     15.13       14.26       6 %
International Priority
    54.54       52.88       3 %     54.12       52.27       4 %
International Domestic
    7.39       7.09       4 %     7.22       7.07       2 %
 
                                       
Composite Package Yield
  $ 20.77     $ 19.62       6 %   $ 20.65     $ 19.19       8 %
 
                                       
 
                                               
Revenue Per Freight Pound:
                                               
 
                                               
U.S.
  $ 1.13     $ 1.08       5 %   $ 1.15     $ 1.07       7 %
International Priority
    2.08       1.98       5 %     2.07       1.93       7 %
International Airfreight
    0.88       0.83       6 %     0.87       0.77       13 %
 
                                       
Composite Freight Yield
  $ 1.36     $ 1.26       8 %   $ 1.37     $ 1.22       12 %
 
                                       
 
                                               
Average Full-Time Equivalents (000s)
    132       126       5 %     132       126       5 %
     
1 —   Current year includes a $66 million reserve for a legal matter.

 

10


 

FEDEX GROUND SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS
Second Quarter Fiscal 2011
(Dollars in millions)
(Unaudited)
                                                 
    Three Months Ended     Six Months Ended  
    November 30     November 30  
    2010     2009     %     2010     2009     %  
FINANCIAL HIGHLIGHTS
                                               
 
                                               
Revenue
  $ 2,077     $ 1,837       13 %   $ 4,038     $ 3,567       13 %
 
                                               
Operating Expenses:
                                               
Salaries and employee benefits
    318       288       10 %     625       570       10 %
Purchased transportation
    845       733       15 %     1,627       1,426       14 %
Rentals
    67       63       6 %     129       121       7 %
Depreciation and amortization
    83       83             165       168       (2 %)
Fuel
    3       2       50 %     4       3       33 %
Maintenance and repairs
    42       40       5 %     86       78       10 %
Intercompany charges
    227       196       16 %     448       380       18 %
Other
    196       194       1 %     371       374       (1 %)
 
                                       
Total Operating Expenses
    1,781       1,599       11 %     3,455       3,120       11 %
 
                                       
 
                                               
Operating Income
  $ 296     $ 238       24 %   $ 583     $ 447       30 %
 
                                       
 
                                               
Operating Margin
    14.3 %     13.0 %   1.3 pts     14.4 %     12.5 %   1.9 pts
 
                                               
OPERATING STATISTICS
                                               
 
                                               
Operating Weekdays
    63       63             128       128        
 
                                               
Average Daily Package Volume (000s)
                                               
FedEx Ground
    3,843       3,602       7 %     3,686       3,454       7 %
FedEx SmartPost
    1,484       1,265       17 %     1,287       1,135       13 %
 
                                               
Yield (Revenue Per Package)
                                               
FedEx Ground
  $ 7.89     $ 7.54       5 %   $ 7.94     $ 7.56       5 %
FedEx SmartPost
  $ 1.72     $ 1.57       10 %   $ 1.70     $ 1.50       13 %

 

11


 

FEDEX FREIGHT SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS
Second Quarter Fiscal 2011
(Dollars in millions)
(Unaudited)
                                                 
    Three Months Ended     Six Months Ended  
    November 30     November 30  
    2010     2009     %     2010     2009     %  
FINANCIAL HIGHLIGHTS
                                               
 
                                               
Revenue
  $ 1,221     $ 1,068       14 %   $ 2,479     $ 2,050       21 %
 
                                               
Operating Expenses:
                                               
Salaries and employee benefits
    584       513       14 %     1,184       1,020       16 %
Purchased transportation
    185       168       10 %     389       286       36 %
Rentals
    31       27       15 %     65       56       16 %
Depreciation and amortization
    62       46       35 %     110       101       9 %
Fuel
    133       104       28 %     264       198       33 %
Maintenance and repairs
    45       35       29 %     91       69       32 %
Intercompany charges
    108       98       10 %     217       150       45 %
Impairment and other charges1
    67           NM       67           NM  
Other
    97       89       9 %     199       180       11 %
 
                                       
Total Operating Expenses
    1,312       1,080       21 %     2,586       2,060       26 %
 
                                       
 
                                               
Operating Loss
  $ (91 )   $ (12 )   NM     $ (107 )   $ (10 )   NM  
 
                                       
 
                                               
Operating Margin
    (7.5 %)     (1.1 %)   (6.4 pts)     (4.3 %)     (0.5 %)   (3.8 pts)
 
                                               
OPERATING STATISTICS
                                               
 
                                               
LTL Operating Weekdays
    62       62             127       127        
 
                                               
LTL Shipments Per Day (000s)
    89.4       82.9       8 %     90.6       77.0       18 %
Weight Per LTL Shipment (lbs)
    1,115       1,128       (1 %)     1,125       1,119       1 %
LTL Revenue/CWT
  $ 18.27     $ 17.09       7 %   $ 17.77     $ 17.45       2 %
     
1 —   Current year includes charges associated with the combination of FedEx Freight and FedEx National LTL operations effective January 30, 2011.

 

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