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MEMPHIS, Tenn.--(BUSINESS WIRE)--FedEx Corp. (NYSE: FDX) today reported the following consolidated results for the quarter ended November 30 (adjusted measures exclude the items listed below for the applicable fiscal year): Fiscal 2021 Fiscal 2020 As Reported (GAAP) Adjusted (non-GAAP) As Reported (GAAP) Adjusted (non-GAAP) Revenue $20.6 billion $20.6 billion $17.3 billion $17.3 billion Operating income $1.47 billion $1.51 billion $554 million $684 million Operating margin 7.1% 7.4% 3.2% 3.9% Net income $1.23 billion $1.30 billion $560 million $660 million Diluted EPS $4.55 $4.83 $2.13 $2.51 This years and last years quarterly consolidated results have been adjusted for: Impact per diluted share Fiscal 2021 Fiscal 2020 Mark-to-market TNT Express retirement plan accounting adjustment $0.15 TNT Express integration expenses 0.13 0.19 Aircraft impairment charges 0.19 My sincere appreciation goes out to our nearly 600,000 team members around the world who go above and beyond to keep the world moving during this ongoing pandemic and unprecedented peak season. Our strong revenue and earnings growth during the quarter is a reflection of their continued hard work and commitment to our customers, said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. These results demonstrate the unparalleled strength of our global express network, the breadth of our e-commerce capabilities, and the dedication of our people. Operating results increased due to volume growth in FedEx International Priority and U.S. domestic residential package services and pricing initiatives across all transportation segments. These factors were partially offset by costs to support strong demand and to expand services, variable compensation expense, and COVID-19-related costs, including expenses incurred to ensure the safety of FedEx team members and customers as well as the costs of network contingencies, including additional personnel to support operations through the pandemic. Net income includes a pretax noncash loss of $52 million ($41 million, net of tax, or $0.15 per diluted share) associated with amending a TNT Express European pension plan to harmonize retirement benefits. Net income also includes a tax benefit of $191 million ($0.71 per diluted share) primarily related to favorable guidance issued by the Internal Revenue Service during the quarter. Last years results included a tax benefit of $133 million ($0.51 per diluted share) from the recognition of certain foreign tax loss carryforwards. Outlook FedEx is not providing an earnings forecast for fiscal 2021. The capital spending forecast for the year remains $5.1 billion. The benefits of the investments across our business over the past several years are reflected in our strong second quarter results, said Michael C. Lenz, FedEx Corp. executive vice president and chief financial officer. While the overall environment remains uncertain, we expect earnings growth in the second half of fiscal 2021 driven by the anticipated heightened demand for our services as we continue to execute on our strategic priorities. Corporate Overview FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $75 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively and innovating digitally under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its nearly 600,000 team members to remain 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 about.fedex.com. Additional information and operating data are contained in the companys annual report, Form 10-K, Form 10-Qs, Form 8-Ks and Statistical Books. These materials, as well as a webcast of the earnings release conference call to be held at 5:30 p.m. EST on December 17, are available on the companys website at investors.fedex.com. A replay of the conference call webcast will be posted on our website following the call. The Investor Relations page of our website, investors.fedex.com, 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. 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 considered forward-looking statements, such as statements relating to managements views with respect to future events and financial performance and underlying assumptions. Forward-looking statements include those preceded by, followed by or that include the words will, may, could, would, should, believes, expects, anticipates, plans, estimates, targets, projects, intends or similar expressions. 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, the negative impacts of the COVID-19 pandemic; economic conditions in the global markets in which we operate; anti-trade measures and additional changes in international trade policies and relations; a significant data breach or other disruption to our technology infrastructure; our ability to successfully integrate the businesses and operations of FedEx Express and TNT Express in the expected time frame and at the expected cost and to achieve the expected benefits from the combined businesses; our ability to continue to transform and optimize the FedEx Express international business, particularly in Europe; our ability to successfully implement our business strategy, effectively respond to changes in market dynamics and achieve the anticipated benefits and associated cost savings of such strategies and actions; damage to our reputation or loss of brand equity; the impact of the United Kingdoms withdrawal from the European Union and the terms of their future trading relationship beyond December 31, 2020; the timeline for recovery of passenger airline air cargo capacity; changes in fuel prices or currency exchange rates; our ability to match capacity to shifting volume levels; the impact of intense competition; evolving or new U.S. domestic or international government regulation or regulatory actions; future guidance, regulations, interpretations, challenges or judicial decisions related to our tax positions; our ability to successfully complete the acquisition of ShopRunner, Inc.; our ability to effectively operate, integrate, leverage and grow acquired businesses; legal challenges or changes related to service providers engaged by FedEx Ground and the drivers providing services on their behalf; an increase in self-insurance accruals and expenses; disruptions or modifications in service by, or changes in the business or financial soundness of, the U.S. Postal Service; the impact of any international conflicts or terrorist activities; our ability to quickly and effectively restore operations following adverse weather or a localized disaster or disturbance in a key geography; 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. The financial section of this release is provided on the company's website at investors.fedex.com. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES Second Quarter Fiscal 2021 and Fiscal 2020 Results The company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP or reported). 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 second quarter fiscal 2021 and 2020 consolidated operating income and margin, net income and diluted earnings per share, and adjusted second quarter fiscal 2021 and 2020 FedEx Express segment operating income and margin. These financial measures have been adjusted to exclude the impact of the following items (as applicable): The MTM TNT Express retirement plan accounting adjustment and aircraft impairment charges are excluded from our second quarter fiscal 2021 and 2020 consolidated non-GAAP financial measures and FedEx Express segment non-GAAP financial measures, as applicable, because they are unrelated to our core operating performance and/or to assist investors with assessing trends in our underlying businesses. We have incurred and expect to incur significant expenses through fiscal 2022 in connection with our integration of TNT Express. We have adjusted our second quarter fiscal 2021 and 2020 consolidated and FedEx Express segment financial measures to exclude TNT Express integration expenses 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 employee benefits, travel and advertising expenses. Internal salaries and employee benefits are included only to the extent the individuals are assigned full-time to integration activities. 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 to prior periods and assessing trends in our underlying businesses. 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 financial measures are intended to supplement and should be read together with, and are not an alternative or 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 Securities and Exchange Commission rules, the tables below present a reconciliation of our presented non-GAAP financial measures to the most directly comparable GAAP measures. Second Quarter Fiscal 2021 FedEx Corporation Operating Income Net Diluted Earnings Dollars in millions, except EPS Income Margin1 Taxes2 Income3 Per Share GAAP measure $1,465 7.1% $180 $1,226 $4.55 Mark-to-market TNT Express retirement plan accounting adjustment4 11 41 0.15 TNT Express integration expenses5 48 0.2% 12 36 0.13 Non-GAAP measure $1,513 7.4% $203 $1,303 $4.83 FedEx Express Segment Operating Dollars in millions Income Margin GAAP measure $900 8.7% TNT Express integration expenses 43 0.4% Non-GAAP measure $943 9.1% Second Quarter Fiscal 2020 FedEx Corporation Operating Income Net Diluted Earnings Dollars in millions, except EPS Income Margin1 Taxes2 Income3 Per Share GAAP measure $554 3.2% $12 $560 $2.13 TNT Express integration expenses5 64 0.4% 14 50 0.19 Aircraft impairment charges 66 0.4% 16 50 0.19 Non-GAAP measure $684 3.9% $42 $660 $2.51 FedEx Express Segment Operating Dollars in millions Income Margin1 GAAP measure $236 2.6% TNT Express integration expenses 49 0.5% Aircraft impairment charges 66 0.7% Non-GAAP measure $351 3.9% Notes: 1 Does not sum to total due to rounding. 2 Income taxes are based on the companys approximate statutory tax rates applicable to each transaction. 3 Effect of total other (expense) income on net income amount not shown. 4 The MTM TNT Express retirement plan accounting adjustment reflects a noncash loss associated with amending a TNT Express European pension plan to harmonize retirement benefits. 5 These expenses were recognized at FedEx Corporate and FedEx Express.

Answer: FedEx Corp. Reports Strong Second Quarter Results