FedEx Corporation (
FDX)
Q3 2010 Earnings Call Transcript
March 18, 2010 8:30 a.m. ET
Executives
Mickey Foster – Vice President, Investor Relations
Frederick W. Smith - Chairman of the Board, President, and Chief Executive Officer
Alan B. Graf Jr. - Executive Vice President and Chief Financial Officer
Christine P. Richards - Executive Vice President, General Counsel, and Secretary
T. Michael Glenn - President and Chief Executive Officer - FedEx Services
David J. Bronczek - President and Chief Executive Officer - FedEx Express
David F. Rebholz - President and Chief Executive Officer - FedEx Ground
William J. Logue - President and Chief Executive Officer - FedEx Freight
Analysts
Tom Wadewitz - JPMorgan Chase & Co.
Donald Broughton - Avondale Partners
Gary Chase - Barclays Capital
Helane Becker - Jesup & Lamont
Edward Wolfe - Wolfe Trahan & Co.
Ken Hoexter - Bank of America/Merrill Lynch
Rob Salmon - Deutsche Bank
Ben Hartford - Robert W. Baird & Co.
William Greene - Morgan Stanley
Chris Ceraso - Credit Suisse
Presentation
Operator
Good day, everyone and welcome to the FedEx Corporation third quarter earnings conference call. Today’s call is being recorded. At this time, I will turn the call over to Mickey Foster, Vice President of Investor Relations. Please go ahead.
Mickey Foster
Good morning and welcome to the conference call. We are planning an Investor Meeting in September in Memphis, so please save Tuesday and Wednesday, September 28 and 29, 2010 on your calendar. We will have more details about the meeting for you in the next few months.
The earnings release and the 25-page stat book are on our website at fedex.com. This call is being broadcast from our website and the replay and Podcast download will be available for approximately one year.
Joining us on the call today are members of the media. During our Q&A session, callers will be limited to one question and a follow-up so we can accommodate those who would like to participate.
I want to remind all listeners that FedEx Corporation desires to take advantage of the Safe Harbor provisions of the Private Securities Litigation Reform Act. Certain statements in this conference call may be considered forward-looking statements within the meaning of the Act. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information on these factors, please refer to our press release and filings with the SEC.
To the extent we disclose any non-GAAP financial measures on this call, please refer to the Investor Relations portion of our website at fedex.com for a reconciliation of such measures to the most directly comparable GAAP measures.
Joining us on the call today are Fred Smith, Chairman, President and CEO; who is on the telephone, Alan Graf, Executive Vice President and CFO; Chris Richards, Executive Vice President, General Counsel and Secretary; Mike Glenn, President and CEO of FedEx Services; Dave Bronczek, President and CEO of FedEx Express; Dave Rebholz, President and CEO of FedEx Ground; and Bill Logue, President and CEO of FedEx Freight.
And now our chairman, Fred Smith, will share his views on the quarter, followed by Alan Graf, after Alan, we will have questions and answers.
Frederick W. Smith
Thank you very much, Mickey. Good morning, everyone and welcome to today’s conference call to discuss third quarter earnings and our outlook for the remainder of fiscal year 2010.
Outstanding execution of our business strategy and an improving global economy drove solid financial performance in the quarter. I am very confident of our teams’ continuing ability to skillfully manage our networks and take advantage of the economic recovery that is well underway. In fact, the recovery is broadening.
Trade in international shipping are more positive. At FedEx, our unmatched bundle of transportation solutions along with outstanding customer service and reliability resulted in higher volumes across all our transportation segments in quarter three.
