Exhibit 99.1
FOR IMMEDIATE RELEASE
FedEx Corp. Reports Fourth Quarter and Full Year Earnings
Financial Results Include Previously Disclosed Charges of $1.2 Billion
MEMPHIS, Tenn., June 17, 2009 ... FedEx Corp. (NYSE: FDX) today reported a loss of $2.82 per diluted share for the fourth quarter ended May 31, including $3.46 per diluted share of previously disclosed charges. Excluding these charges, fourth quarter earnings were $0.64 per diluted share. These charges approximate $1.2 billion ($1.1 billion noncash), resulting primarily from the impairment of goodwill related to the acquisitions of Kinko’s, Inc. (now known as FedEx Office) and Watkins Motor Lines (now known as FedEx National LTL). These impairment charges reflect a decline in the current fair value of these companies in light of economic conditions and their recent and forecasted performance. The quarter also included costs from actions to align the company’s networks to better match demand by removing equipment and facilities from service and reducing personnel.
Last year’s fourth quarter loss was $0.78 per diluted share and included a charge of $2.22 per diluted share associated with the decision to minimize the use of the Kinko’s trade name and a reduction in the value of the goodwill resulting from the Kinko’s acquisition. Excluding this charge, fourth quarter earnings were $1.45 per diluted share a year ago.
“FedEx operations performed well even with strong economic headwinds, thanks to decisive management actions to control costs and committed team members who delivered outstanding service to our customers,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “There are signs that the worst of the recession is behind us and we remain optimistic that we will see quarter-over-quarter economic improvement later this calendar year.”
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Fourth Quarter Results
FedEx Corp. reported the following consolidated results for the fourth quarter:
  •   Revenue of $7.85 billion, down 20% from $9.87 billion the previous year
 
  •   Operating loss of $849 million, compared to an operating loss of $163 million last year
 
  •   Net loss of $876 million, down from last year’s net loss of $241 million
 
  •   Loss per share of $2.82, down from a loss of $0.78 per share a year ago
 
  •   Excluding the impact of impairment and other charges from both years, earnings per share were $0.64, down from $1.45 a year ago (see table)
In addition to the impairment and other charges, operating performance continues to be restrained by the global recession, which is resulting in lower shipment volumes at FedEx Express and FedEx Freight and a very competitive pricing environment. Revenue was also negatively impacted by reduced fuel surcharges and lower shipment weight. Revenue declines were partially offset by stringent cost control efforts and share gains in the parcel market.
Full Year Results
FedEx Corp. reported the following consolidated results for the full year:
  •   Revenue of $35.5 billion, down 6% from $38.0 billion the previous year
 
  •   Operating income of $747 million, down 64% from $2.08 billion last year
 
  •   Net income of $98 million, down 91% from last year’s $1.13 billion
 
  •   Earnings per share of $0.31, down 91% from $3.60 per share a year ago
 
  •   Excluding the impact of fourth quarter impairment and other charges from both years, earnings per share were $3.76, compared to $5.83 a year ago (see table)
Capital spending for fiscal 2009 was $2.5 billion.
Outlook
FedEx projects earnings to be $0.30 to $0.45 per diluted share in the first quarter, compared to $1.23 per diluted share a year ago. This outlook assumes current fuel prices and a stable economic environment.
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“The operating environment for our first two quarters in fiscal 2010 is expected to be extremely difficult,” said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. “Manufacturing activity is expected to be substantially negative year over year through the summer and last year’s first quarter results benefited from stronger economic activity, making earnings comparisons difficult. Also, the recent run-up in fuel prices will have a significant negative impact on our first quarter’s results. At this time we do not have enough visibility into the economic recovery and jet fuel prices to provide a meaningful annual earnings forecast. However, we believe that FedEx will be poised for growth in our fiscal second half, as our many cost-saving initiatives gain traction and the economy begins to improve.”
Total pension costs for fiscal 2010 are expected to increase approximately $125 million year over year. The capital spending forecast for fiscal 2010 is $2.6 billion, which includes significant investments in more fuel-efficient aircraft.
FedEx Express Segment
For the fourth quarter, the FedEx Express segment reported:
  •   Revenue of $4.80 billion, down 25% from last year’s $6.37 billion
 
  •   Operating loss of $136 million, down from operating income of $426 million a year ago
 
  •   Operating margin of (2.8%), down from 6.7% the previous year
Operating income and margin were negatively impacted by charges of $260 million associated with aircraft-related charges and severance programs. These costs are the result of permanently removing ten Airbus A310-200 and four Boeing MD10-10 owned aircraft and certain excess aircraft engines from service, terminating certain aircraft-related leases and contracts and reducing management and staff positions.
U.S. domestic package revenue declined 21%, driven by a 19% drop in revenue per package due to lower fuel surcharges, weight per package and rate per pound. U.S. domestic package volume was down 2%. FedEx International Priority® (IP) package revenue declined 27%. IP revenue per package declined 17% primarily due to lower fuel surcharges, unfavorable exchange rates and lower package weights, partially offset by a higher rate per pound. IP package volume fell 12%, with declines in all international regions.
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The impact of declining revenue and rising fuel prices was partially offset by significant volume-related reductions in flight hours, labor hours, fuel consumption and purchased transportation, and a continued focus on aggressive expense reductions throughout the company.
FedEx Ground Segment
For the fourth quarter, the FedEx Ground segment reported:
  •   Revenue of $1.70 billion, down 1% from last year’s $1.72 billion
 
  •   Operating income of $203 million, unchanged from a year ago
 
  •   Operating margin of 11.9%, up from 11.8% the previous year
FedEx Ground average daily package volume was essentially flat year over year. Yield decreased 1% primarily due to lower fuel surcharges. FedEx SmartPost revenue increased 21%, as average daily volume grew 66% largely due to market share gains, including gains from DHL’s exit from the U.S. domestic package market.
FedEx Freight Segment
For the fourth quarter, the FedEx Freight segment reported:
  •   Revenue of $948 million, down 28% from last year’s $1.31 billion
 
  •   Operating loss of $106 million, down from operating income of $99 million a year ago
 
  •   Operating margin of (11.2%), down from 7.6% the previous year
The operating loss reflects a $90 million impairment charge related to the goodwill associated with the September 2006 acquisition of the U.S. and Canadian less-than-truckload freight operations of Watkins Motor Lines (now known as FedEx National LTL). The quarter also includes $10 million of charges primarily related to severance associated with personnel reductions.
Less-than-truckload (LTL) average daily shipments decreased 17% year over year, as a result of the current economic recession, which resulted in the weakest LTL environment in decades. LTL yield declined 11% due to lower fuel surcharges and the continuing effects of a competitive pricing environment resulting from excess capacity in the LTL industry. The revenue decline was partially offset by lower variable incentive compensation and continued stringent cost-containment initiatives.
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FedEx Services Segment
FedEx Services fourth quarter segment revenue, which includes the operations of FedEx Office and FedEx Global Supply Chain Services, was down 13% year over year primarily due to declines in copy product revenues.
Fourth quarter results for FedEx Services include an $810 million goodwill impairment charge related to the acquisition of Kinko’s (now known as FedEx Office). This charge was not allocated to the transportation segments, as the charge was unrelated to the core performance of those businesses.
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 $35 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 280,000 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.
Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs and fourth quarter fiscal 2009 Statistical Book. These materials, as well as a Webcast of the earnings release conference call to be held at 8:30 a.m. EDT on June 17 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.
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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
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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 the impact of the fourth quarter impairment and other charges from fiscal 2009 fourth quarter and full year results and Kinko’s-related charges from fiscal 2008 fourth quarter and full year results will allow more accurate comparisons of our operating performance during these quarters and years. The tables below present a reconciliation of our presented non-GAAP measures to the most directly comparable GAAP measures.
                                 
    Full Year EPS     Fourth Qtr. EPS  
    2009     2008     2009     2008  
 
                                
Non-GAAP Measure
   $ 3.76     $ 5.83     $ 0.64     $ 1.45  
 
                                
2008 Kinko’s Charges1
     —       (2.23 )     —       (2.22 )
 
                                
2009 Fourth Quarter Charges1, 3
     (3.45 )     —       (3.46 )     —  
 
                        
 
                                
GAAP Measure
   $ 0.31     $ 3.60     $ (2.82 )   $ (0.78 )2
 
                        
     
1   Impact differs for fourth quarter and full year due to weighted-average number of shares outstanding.
 
2   The GAAP earnings per share measure does not equal the sum of the items presented due to differences in the weighted-average number of shares outstanding.
 
3   $1.2 billion, or $1.1 billion net of tax, including noncash impairment charges associated with goodwill and aircraft-related asset impairments and other charges primarily associated with aircraft-related lease and contract termination costs, and employee severance.

 

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FEDEX CORP. FINANCIAL HIGHLIGHTS
Fourth Quarter Fiscal 2009
(In millions, except earnings per share and FTEs)
(Unaudited)
                                                 
    Three Months Ended     Year Ended  
    May 31     May 31  
    2009     2008     %     2009     2008     %  
Revenue:
                                                
FedEx Express segment
   $ 4,797     $ 6,366       (25 %)   $ 22,364     $ 24,421       (8 %)
FedEx Ground segment
     1,704       1,715       (1 %)     7,047       6,751       4 %
FedEx Freight segment
     948       1,310       (28 %)     4,415       4,934       (11 %)
FedEx Services segment
     478       552       (13 %)     1,977       2,138       (8 %)
Other & eliminations
     (75 )     (77 )   NM       (306 )     (291 )   NM  
 
                                        
Total Revenue
     7,852       9,866       (20 %)     35,497       37,953       (6 %)
 
                                                
Operating Expenses:
                                                
Salaries and employee benefits
     3,265       3,616       (10 %)     13,767       14,202       (3 %)
Purchased transportation1
     1,015       1,225       (17 %)     4,534       4,634       (2 %)
Rentals and landing fees
     591       622       (5 %)     2,429       2,441       (0 %)
Depreciation and amortization
     496       499       (1 %)     1,975       1,946       1 %
Fuel1
     541       1,325       (59 %)     3,811       4,409       (14 %)
Maintenance and repairs
     391       526       (26 %)     1,898       2,068       (8 %)
Impairment and other charges
     1,204       882       37 %     1,204       882       37 %
Other
     1,198       1,334       (10 %)     5,132       5,296       (3 %)
 
                                        
Total Operating Expenses
     8,701       10,029       (13 %)     34,750       35,878       (3 %)
 
                                                
Operating (Loss) Income:
                                                
FedEx Express segment
     (136 )     426     NM       794       1,901       (58 %)
FedEx Ground segment
     203       203       —       807       736       10 %
FedEx Freight segment
     (106 )     99     NM       (44 )     329     NM  
FedEx Services segment
     (810 )     (891 )   NM       (810 )     (891 )   NM  
 
                                        
Total Operating (Loss) Income
     (849 )     (163 )     421 %     747       2,075       (64 %)
 
                                                
Other Income (Expense):
                                                
Interest, net
     (21 )     (4 )   NM       (59 )     (54 )     9 %
Other, net
     (4 )     —     NM       (11 )     (5 )   NM  
 
                                        
Total Other Income (Expense)
     (25 )     (4 )   NM       (70 )     (59 )     19 %
 
                                                
Pretax (Loss) Income
     (874 )     (167 )   NM       677       2,016       (66 %)
 
                                                
Provision for Income Taxes
     2       74       (97 %)     579       891       (35 %)
 
                                        
 
                                                
Net (Loss) Income
   $ (876 )   $ (241 )   NM     $ 98     $ 1,125       (91 %)
 
                                        
 
                                                
Diluted Earnings Per Share
   $ (2.82 )   $ (0.78 )   NM     $ 0.31     $ 3.60       (91 %)
 
                                        
 
                                                
Weighted Average Common and Common Equivalent Shares
     311       310       0 %     312       312       —  
 
                                                
Capital Expenditures
   $ 472     $ 782       (40 %)   $ 2,459     $ 2,947       (17 %)
 
                                                
Average Full-Time Equivalents (in thousands)
     239       254       (6 %)     248       254       (2 %)
     
1 -   FedEx Ground reclassified certain fuel supplement costs related to its independent contractors from fuel expense to purchased transportation expense to conform to the current period presentation.

 

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FEDEX CORP. CONDENSED CONSOLIDATED BALANCE SHEETS
Fourth Quarter Fiscal 2009
(In millions)
(Unaudited)
                 
    Year Ended  
    May 31  
    2009     2008  
ASSETS
                
 
                
Current Assets:
                
Cash and cash equivalents
   $ 2,292     $ 1,539  
Other current assets
     4,824       5,705  
 
            
Total Current Assets
     7,116       7,244  
 
                
Net Property and Equipment
     13,417       13,478  
 
Other Long-Term Assets
     3,711       4,911  
 
            
 
                
 
   $ 24,244     $ 25,633  
 
            
 
                
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
                
 
                
Current Liabilities:
                
Current portion of long-term debt
   $ 653     $ 502  
Other current liabilities
     3,871       4,866  
 
            
Total Current Liabilities
     4,524       5,368  
 
                
Long-Term Debt, Less Current Portion
     1,930       1,506  
 
                
Other Long-Term Liabilities
     4,164       4,233  
 
                
Total Common Stockholders’ Investment1
     13,626       14,526  
 
            
 
                
 
   $ 24,244     $ 25,633  
 
            
     
1  
Includes Other Comprehensive Income charge of $1.2 billion, net of taxes, related to the funded status of our retirement plans at May 31, 2009.

 

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FEDEX CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Fourth Quarter Fiscal 2009
(In millions)
(Unaudited)
                 
    Year Ended  
    May 31  
    2009     2008  
 
                
Operating Activities:
                
Net income
   $ 98     $ 1,125  
Noncash charges:
                
Depreciation and amortization
     1,975       1,946  
Impairment and other charges
     1,103       882  
Other, net
     579       359  
Changes in operating assets and liabilities, net
     (1,002 )     (847 )
 
            
 
                
Net cash provided by operating activities
     2,753       3,465  
 
                
Investing Activities:
                
Capital expenditures
     (2,459 )     (2,947 )
Proceeds from asset dispositions and other
     76       50  
 
            
 
                
Net cash used in investing activities
     (2,383 )     (2,897 )
 
                
Financing Activities:
                
Proceeds from debt issuances
     1,000       —  
Principal payments on debt
     (501 )     (639 )
Dividends paid
     (137 )     (124 )
Other, net
     38       146  
 
            
 
                
Net cash provided by (used in) financing activities
     400       (617 )
 
            
 
                
Effect of exchange rate changes on cash
     (17 )     19  
 
                
Net increase (decrease) in cash and cash equivalents
     753       (30 )
 
                
Cash and cash equivalents at beginning of period
     1,539       1,569  
 
            
Cash and cash equivalents at end of period
   $ 2,292     $ 1,539  
 
            

 

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FEDEX EXPRESS SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS
Fourth Quarter Fiscal 2009
(Dollars in millions)
(Unaudited)
                                                 
    Three Months Ended     Year Ended  
    May 31     May 31  
    2009     2008     %     2009     2008     %  
FINANCIAL HIGHLIGHTS
                                                
 
                                                
Revenue
   $ 4,797     $ 6,366       (25 %)   $ 22,364     $ 24,421       (8 %)
 
                                                
Operating Expenses:
                                                
Salaries and employee benefits
     1,965       2,178       (10 %)     8,217       8,451       (3 %)
Purchased transportation
     241       327       (26 %)     1,112       1,208       (8 %)
Rentals and landing fees
     393       424       (7 %)     1,613       1,673       (4 %)
Depreciation and amortization
     240       240       —       961       944       2 %
Fuel
     458       1,133       (60 %)     3,281       3,785       (13 %)
Maintenance and repairs
     258       388       (34 %)     1,351       1,512       (11 %)
Impairment and other charges
     260       —     NM       260       —     NM  
Intercompany charges
     508       528       (4 %)     2,103       2,134       (1 %)
Other
     610       722       (16 %)     2,672       2,813       (5 %)
 
                                        
Total Operating Expenses
     4,933       5,940       (17 %)     21,570       22,520       (4 %)
 
                                        
 
                                                
Operating (Loss) Income
   $ (136 )   $ 426     NM     $ 794     $ 1,901       (58 %)
 
                                        
 
                                                
Operating Margin
     (2.8 %)     6.7 %   (9.5 pts)     3.6 %     7.8 %   (4.2 pts)
 
                                                
OPERATING STATISTICS
                                                
 
                                                
Operating Weekdays
     64       64       —       254       255       (0 %)
 
                                                
AVG DAILY VOLUME / POUNDS
                                                
Average Daily Package Volume (000s):
                                                
 
U.S. Overnight Box
     1,144       1,140       0 %     1,127       1,151       (2 %)
U.S. Overnight Envelope
     644       672       (4 %)     627       677       (7 %)
U.S. Deferred
     829       851       (3 %)     849       895       (5 %)
 
                                        
Total U.S. Domestic Package
     2,617       2,663       (2 %)     2,603       2,723       (4 %)
International Priority
     456       520       (12 %)     475       517       (8 %)
International Domestic
     289       298       (3 %)     298       296     NM  
 
                                        
Total Average Daily Packages
     3,362       3,481       (3 %)     3,376       3,536       (5 %)
 
                                        
 
                                                
Average Daily Freight Pounds (000s):
                                                
 
                                                
U.S.
     6,859       7,873       (13 %)     7,287       8,648       (16 %)
International Priority
     1,715       2,347       (27 %)     1,959       2,220       (12 %)
International Airfreight
     1,178       1,950       (40 %)     1,475       1,817       (19 %)
 
                                        
Total Avg Daily Freight Pounds
     9,752       12,170       (20 %)     10,721       12,685       (15 %)
 
                                        
 
                                                
YIELD
                                                
Revenue Per Package:
                                                
 
                                                
U.S. Overnight Box
   $ 18.22     $ 23.22       (22 %)   $ 21.21     $ 22.40       (5 %)
U.S. Overnight Envelope
     10.15       12.20       (17 %)     11.65       11.66       (0 %)
U.S. Deferred
     11.39       13.86       (18 %)     12.94       13.12       (1 %)
 
                                        
Total U.S. Domestic Package
     14.07       17.45       (19 %)     16.21       16.68       (3 %)
International Priority
     51.29       61.51       (17 %)     57.81       58.11       (1 %)
International Domestic
     6.52       8.92       (27 %)     7.50       8.80       (15 %)
 
                                        
Composite Package Yield
   $ 18.47     $ 23.30       (21 %)   $ 21.30     $ 22.08       (4 %)
 
                                        
 
                                                
Revenue Per Freight Pound:
                                                
 
                                                
U.S.
   $ 1.02     $ 1.17       (13 %)   $ 1.17     $ 1.09       7 %
International Priority
     2.01       2.20       (9 %)     2.22       2.20       1 %
International Airfreight
     0.78       0.96       (19 %)     0.99       0.88       13 %
 
                                        
Composite Freight Yield
   $ 1.17     $ 1.33       (12 %)   $ 1.34     $ 1.25       7 %
 
                                        
 
                                                
Average Full-Time Equivalents (000s)
     125       131       (5 %)     128       131       (2 %)

 

11

 

FEDEX GROUND SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS
Fourth Quarter Fiscal 2009
(Dollars in millions)
(Unaudited)
                                                 
    Three Months Ended     Year Ended  
    May 31     May 31  
    2009     2008     %     2009     2008     %  
FINANCIAL HIGHLIGHTS
                                                
 
                                                
Revenue
   $ 1,704     $ 1,715       (1 %)   $ 7,047     $ 6,751       4 %
 
                                                
Operating Expenses:
                                                
Salaries and employee benefits
     278       269       3 %     1,102       1,073       3 %
Purchased transportation1
     677       742       (9 %)     2,918       2,878       1 %
Rentals
     55       47       17 %     222       189       17 %
Depreciation and amortization
     91       78       17 %     337       305       10 %
Fuel1
     1       3       (67 %)     9       14       (36 %)
Maintenance and repairs
     38       37       3 %     147       145       1 %
Intercompany charges
     172       162       6 %     710       658       8 %
Other
     189       174       9 %     795       753       6 %
 
                                        
Total Operating Expenses
     1,501       1,512       (1 %)     6,240       6,015       4 %
 
                                        
 
                                                
Operating Income
   $ 203     $ 203       —     $ 807     $ 736       10 %
 
                                        
 
                                                
Operating Margin
     11.9 %     11.8 %   0.1 pts     11.5 %     10.9 %   0.6 pts
 
                                                
OPERATING STATISTICS
                                                
 
                                                
Operating Weekdays
     64       64       —       254       255       (0 %)
 
                                                
Average Daily Package Volume (000s)
                                                
FedEx Ground
     3,297       3,305       (0 %)     3,404       3,365       1 %
FedEx SmartPost
     934       563       66 %     827       618       34 %
 
                                                
Yield (Revenue Per Package)
                                                
FedEx Ground
   $ 7.63     $ 7.74       (1 %)   $ 7.70     $ 7.48       3 %
FedEx SmartPost
   $ 1.54     $ 2.11       (27 %)   $ 1.81     $ 2.09       (13 %)
     
1 -   FedEx Ground reclassified certain fuel supplement costs related to its independent contractors from fuel expense to purchased transportation expense to conform to the current period presentation.

 

12

 

FEDEX FREIGHT SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS
Fourth Quarter Fiscal 2009
(Dollars in millions)
(Unaudited)
                                                 
    Three Months Ended     Year Ended  
    May 31     May 31  
    2009     2008     %     2009     2008     %  
FINANCIAL HIGHLIGHTS
                                                
 
                                                
Revenue
   $ 948     $ 1,310       (28 %)   $ 4,415     $ 4,934       (11 %)
 
                                                
Operating Expenses:
                                                
Salaries and employee benefits
     512       597       (14 %)     2,247       2,381       (6 %)
Purchased transportation
     105       166       (37 %)     540       582       (7 %)
Rentals and landing fees
     37       32       16 %     139       119       17 %
Depreciation and amortization
     58       56       4 %     224       227       (1 %)
Fuel
     81       189       (57 %)     520       608       (14 %)
Maintenance and repairs
     36       44       (18 %)     153       175       (13 %)
Impairment and other charges
     100       —     NM       100       —     NM  
Intercompany charges
     29       20       45 %     109       81       35 %
Other
     96       107       (10 %)     427       432       (1 %)
 
                                        
Total Operating Expenses
     1,054       1,211       (13 %)     4,459       4,605       (3 %)
 
                                        
 
                                                
Operating (Loss) Income
   $ (106 )   $ 99     NM     $ (44 )   $ 329     NM  
 
                                        
 
                                                
Operating Margin
     (11.2 %)     7.6 %   (18.8 pts)   (1.0 %)     6.7 %   (7.7 pts)
 
                                                
OPERATING STATISTICS
                                                
 
                                                
LTL Operating Weekdays
     64       64       —       252       253       (0 %)
 
LTL Shipments Per Day (000s)
     68.4       82.0       (17 %)     74.4       79.7       (7 %)
Weight Per LTL Shipment (lbs)
     1,119       1,142       (2 %)     1,126       1,136       (1 %)
LTL Revenue/CWT
   $ 17.78     $ 19.98       (11 %)   $ 19.07     $ 19.65       (3 %)

 

13