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FOR IMMEDIATE RELEASE

                  FedEx Reports Third Quarter Earnings

MEMPHIS, Tenn., March 21, 2007 ... FedEx Corp. (NYSE: FDX) today
reported earnings of $1.35 per diluted share for the third quarter ended
February 28, compared to $1.38 per diluted share a year ago. Third quarter
results were negatively impacted by a slowing economic environment, lower
fuel surcharges and severe winter storms, with the storm impact estimated to
be $0.06 per diluted share. Results for the quarter also include an $0.08 per
diluted share benefit from a reduction in the company’s effective tax rate.

FedEx Corp. reported the following consolidated results for the third quarter:

  •   Revenue of $8.59 billion, up 7% from $8.00 billion the previous year
  •   Operating income of $641 million, down 10% from $713 million a year ago
  •   Operating margin of 7.5%, down from last year’s 8.9%
  •   Net income of $420 million, down 2% from $428 million a year ago

Total combined average daily package volume at FedEx Express and FedEx
Ground grew 4% year over year for the quarter, led by ground and
international express package growth.

quot;The U.S. economy grew at a lower rate than we expected in the third quarter,
and we saw continued adjustments in the automotive and housing markets. I
believe, however, this represents a healthy transition for the economy as it
phases into a more sustainable growth rate,” said Frederick W. Smith, FedEx
Corp. chairman, president and chief executive officer. “FedEx is in excellent
position to take full advantage of global economic-growth trends and deliver
overall outstanding financial results in the long run.”




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                                       1
Outlook

For the fourth quarter, earnings are expected to be $1.93 to $2.08 per diluted
share, while earnings for the full year are expected to be $6.45 to $6.60 per
diluted share. Excluding the net impact of the costs associated with the new
pilot labor contract, the updated guidance for fiscal 2007 is $6.70 to $6.85 per
diluted share, an increase of 12% to 15% year over year excluding the impact
of last year’s non-cash lease accounting charge. The capital spending
forecast for fiscal 2007 is $3.0 billion.

“Long-term we continue to maintain our goal of 10% to 15% annual earnings
per share growth,” said Alan B. Graf, Jr., executive vice president and chief
financial officer. “However, FedEx earnings growth in our upcoming fiscal
2008, excluding the 2007 net impact of the new pilot contract, may be below
our long-term earnings target due to slower economic growth and planned
investments in our businesses. Regardless, we remain highly focused on
improving margins, cash flow and returns and are confident that we can
achieve our long term earnings goals once economic conditions improve.”

FedEx Express Segment

For the third quarter, the FedEx Express segment reported:

   • Revenue of $5.52 billion, up 3% from last year’s $5.34 billion
   • Operating income of $391 million, down 12% from $446 million a year ago
   • Operating margin of 7.1%, down from 8.4% the previous year

FedEx International Priority (IP) revenue grew 7% for the quarter, as IP
revenue per package grew 4%, primarily due to favorable exchange rates, an
increase in package weights and a higher rate per pound, offset by lower fuel
surcharge. IP average daily package volume grew 3%. U.S. domestic
revenue per package increased slightly, as increases in rate per pound were
offset by lower fuel surcharge and changes in product mix. U.S. domestic
average daily package volume declined 2%.

Operating margin declined primarily due to lower revenue growth, the timing
impact of fuel surcharges and severe winter weather. Last year’s third quarter
benefited from the timing lag that exists between when the company
purchases fuel and when indexed fuel surcharges automatically adjust.
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                                       2
December 2005 fuel surcharges were set during the period fuel prices had
spiked following Hurricane Katrina.

During the quarter, FedEx completed the acquisitions of ANC Holdings Ltd., a
United Kingdom domestic express transportation company, and Prakash Air
Freight Pvt. Ltd., its Indian express service company. Neither acquisition
materially affected segment financial results for the quarter. However, the
increase in purchased transportation was primarily driven by these
acquisitions. FedEx Express also completed the acquisition of the express
business of China’s DTW Group on March 1 and will initiate a China domestic
express service beginning in May 2007. These strategic investments will
expand the company’s global service offerings and deliver additional value to
shareowners.

FedEx Ground Segment

For the third quarter, the FedEx Ground segment reported:

   • Revenue of $1.52 billion up 12% from last year’s $1.36 billion
   • Operating income of $196 million, up 5% from $187 million a year ago
   • Operating margin of 12.9%, down from 13.7% the previous year

FedEx Ground average daily package volume grew 9% year over year in the
third quarter due to increased commercial business and the continued strong
growth in the FedEx Home Delivery service. Yield improved 2% primarily due
to the impact of general rate increases and extra service revenues.

Operating margin was lower due to the timing impact of fuel surcharges,
increased purchased transportation costs, severe winter weather and higher
expenses associated with network expansion, which more than offset
improved results at FedEx SmartPost.

FedEx Freight Segment

For the third quarter, the FedEx Freight segment reported:

   • Revenue of $1.10 billion, up 30% from last year’s $848 million
   • Operating income of $50 million, down 32% from $73 million a year ago
   • Operating margin of 4.5%, down from 8.6% the previous year
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Less-than-truckload (LTL) shipments increased 20% year over year due to
the Watkins acquisition (now rebranded as FedEx National LTL). Excluding
FedEx National LTL, average daily LTL shipments at FedEx Freight regional
were down slightly year over year. LTL yield improved 12% year over year
reflecting higher yields from longer-haul FedEx National LTL shipments and
higher rates.

Operating margin declined during the quarter primarily due to operating
losses at FedEx National LTL, which resulted from softening volumes and
ongoing investments to re-engineer its network. Severe winter weather also
impacted operating income and margin.

FedEx Kinko’s Segment

For the third quarter, the FedEx Kinko's segment reported:

   • Revenue of $485 million, down 3% from last year's $501 million
   • Operating income of $4 million, down 43% from $7 million a year ago
   • Operating margin of 0.8%, down from 1.4% the previous year

The FedEx Kinko's revenue decrease for the quarter was primarily due to
declines in copy product revenues, which more than offset higher package
acceptance fees paid by FedEx Express and FedEx Ground. Operating
margin was negatively impacted by the copy product revenue decline,
network expansion costs and higher employee development and training
costs.

FedEx Kinko's continues a company-wide effort to refocus resources on core
business priorities, including a multi-year network expansion using a lower-
cost model. In the first nine months of the fiscal year, the company opened
150 centers and plans for a total of approximately 200 new locations by the
end of FY07. In addition, FedEx Kinko's launched Print Online in October and
is excited about the future prospects of this new Web-based, print-on-demand
application.

Tax Rate

The company’s effective tax rate was reduced to 33.2% for the third quarter
and to 36.7% year to date. The rate reduction was primarily attributable to the
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conclusion of various state and federal audits and appeals. The company’s
fourth quarter effective tax rate is expected to be approximately 39% due to
tax charges we expect to incur as a result of a reorganization in Asia
associated with the company’s acquisition in China. The company’s effective
tax rate for all of 2007 is expected to be approximately 37.5%.

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 275,000 employees and contractors to remain
quot;absolutely, positivelyquot; focused on safety, the highest ethical and professional
standards and the needs of their customers and communities. For more
information, visit fedex.com.

Additional information and operating data are contained in the company’s
annual report, Form 10-K, Form 10-Qs and third quarter FY2007 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 March 21, 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, 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, the
impact of 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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                                         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
the net impact of the costs associated with the new pilot labor contract from
this year’s guidance and the impact of the non-cash lease accounting charge
from last year’s results will allow more accurate comparisons to prior periods
of our operating performance in fiscal 2007. As required by SEC rules, the
tables below present a reconciliation of our presented non-GAAP measures to
the most directly comparable GAAP measures.


                                                                 Earnings
                                  FY07 Diluted         FY06      Growth,
                                 EPS Guidance      Diluted EPS FY07 vs. FY06
Non-GAAP measures                $6.70 – $6.85        $5.98     12% – 15%
Impact of new pilot contract,
  net of variable compensation
  and income taxes               (0.25) – (0.25)
Lease accounting charge, net
  of variable compensation
  and income taxes               ____    ____        (0.15)
GAAP measures                    $6.45 – $6.60       $5.83        11% – 13%




                                      6
FEDEX CORP. FINANCIAL HIGHLIGHTS


                                            Third Quarter Fiscal 2007
                                    (In millions, except earnings per share and FTEs)
                                                        (Unaudited)

                                                      Three Months Ended                   Nine Months Ended
                                                          February 28                          February 28
                                                                              %                                  %
                                                     2007        2006                     2007       2006
Revenue:
   FedEx Express segment                           $5,523         $5,340     3%         $16,856    $15,832      6%
   FedEx Ground segment                             1,523          1,363    12%           4,460      3,889     15%
   FedEx Freight segment                            1,101            848    30%           3,339      2,672     25%
   FedEx Kinko's segment                              485            501    (3%)          1,508      1,546     (2%)
   Other & eliminations                               (40)           (49)    NM            (100)      (139)     NM
     Total Revenue                                  8,592          8,003     7%          26,063     23,800     10%
Operating Expenses:
   Salaries and employee benefits                   3,414          3,162     8%          10,225      9,305     10%
   Purchased transportation                         1,009            814    24%           2,901      2,397     21%
   Rentals and landing fees                           598            577     4%           1,752      1,826     (4%)
   Depreciation and amortization                      449            391    15%           1,278      1,147     11%
   Fuel                                               829            774     7%           2,630      2,393     10%
   Maintenance and repairs                            484            427    13%           1,491      1,340     11%
   Other                                            1,168          1,145     2%           3,522      3,305      7%
      Total Operating Expenses                      7,951          7,290     9%          23,799     21,713     10%
Operating Income:
   FedEx Express segment                              391           446     (12%)         1,360      1,207      13%
   FedEx Ground segment                               196           187       5%            544        498       9%
   FedEx Freight segment                               50            73     (32%)           338        343      (1%)
   FedEx Kinko's segment                                4             7     (43%)            22         39     (44%)
   Other & eliminations                                —             —        NM             —          —        NM
      Total Operating Income                          641           713     (10%)         2,264      2,087       8%
Other Income (Expense):
    Interest, net                                      (11)          (28)   (61%)           (37)       (82)    (55%)
    Other, net                                          (1)           (2)   (50%)            (5)       (13)    (62%)
       Total Other Income (Expense)                    (12)          (30)   (60%)           (42)       (95)    (56%)
Pretax Income                                         629           683      (8%)         2,222      1,992     12%
Provision for Income Taxes                            209           255     (18%)          816        754       8%
Net Income                                          $ 420         $ 428      (2%)        $1,406     $1,238     14%
Diluted Earnings Per Share                          $1.35          $1.38     (2%)         $4.52      $4.01     13%
Weighted Average Common and
    Common Equivalent Shares                          311           310       0%           311        309       1%

Capital Expenditures                                 $653          $530     23%          $2,112     $1,856     14%
Average Full-Time Equivalents (000s)                  242           223       9%           237        221       7%




                                                              7
FEDEX CORP. CONDENSED CONSOLIDATED BALANCE SHEETS


                              Third Quarter Fiscal 2007
                                     (In millions)

                                                      Feb. 28, 2007
                                                       (Unaudited) May 31, 2006
ASSETS

Current Assets:
Cash and cash equivalents                                 $ 1,770    $ 1,937
Other current assets                                        4,997      4,527
    Total Current Assets                                    6,767      6,464
Net Property and Equipment                                 12,169        10,770
Other Long-Term Assets                                      6,037         5,456
                                                          $24,973    $22,690


LIABILITIES AND STOCKHOLDERS' INVESTMENT

Current Liabilities:
Current portion of long-term debt                         $ 1,259    $      850
Other current liabilities                                   4,511         4,623
    Total Current Liabilities                               5,770         5,473
Long-Term Debt, Less Current Portion                        2,005         1,592
Other Long-Term Liabilities                                 4,188         4,114
Total Common Stockholders' Investment                      13,010        11,511
                                                          $24,973    $22,690




                                           8
FEDEX CORP. CONDENSED CONSOLIDATED
                          STATEMENTS OF CASH FLOWS


                                   Third Quarter Fiscal 2007
                                            (In millions)
                                            (Unaudited)

                                                               Nine Months Ended
                                                                   February 28
                                                                  2007         2006

Operating Activities:
 Net income                                                    $1,406      $1,238
 Noncash charges:
   Depreciation and amortization                                1,278       1,145
   Other, net                                                     110         243
 Changes in operating assets and liabilities, net                (690)       (407)

Net cash provided by operating activities                       2,104       2,219

Investing Activities:
  Capital expenditures                                         (2,112)      (1,856)
  Business acquisitions, net of cash acquired                    (991)          —
  Proceeds from asset dispositions and other                       35           44

Net cash used in investing activities                          (3,068)      (1,812)

Financing Activities:
  Proceeds from debt issuances                                  1,054          —
  Dividends paid                                                  (83)        (73)
  Other, net                                                     (174)       (252)

Net cash provided by (used in) financing activities               797        (325)

Net (decrease) increase in cash and cash equivalents             (167)          82

Cash and cash equivalents at beginning of period                1,937       1,039
Cash and cash equivalents at end of period                     $1,770      $1,121




                                                    9
FEDEX EXPRESS SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS


                                                      Third Quarter Fiscal 2007
                                                              (Dollars in millions)
                                                                 (Unaudited)

                                                            Three Months Ended                                  Nine Months Ended
                                                                 February 28                                        February 28
                                                                                               %                                                     %
FINANCIAL HIGHLIGHTS                                        2007        2006                                   2007        2006
Revenue                                                   $5,523              $5,340         3%            $16,856           $15,832            6%
Operating Expenses:
   Salaries and employee benefits                           2,043              2,019         1%               6,161             5,949          4%
   Purchased transportation                                   300                238        26%                 832               715         16%
   Rentals and landing fees                                   411                408         1%               1,201             1,300         (8%)
   Depreciation and amortization                              216                203         6%                 629               599          5%
   Fuel                                                       691                666         4%               2,205             2,054          7%
   Maintenance and repairs                                    357                320        12%               1,120             1,020         10%
   Intercompany charges                                       503                386        30%               1,539             1,127         37%
   Other                                                      611                654        (7%)              1,809             1,861         (3%)
       Total Operating Expenses                             5,132              4,894         5%              15,496            14,625          6%
Operating Income                                           $ 391              $ 446        (12%)             $1,360            $1,207         13%
Operating Margin                                             7.1%              8.4%                            8.1%              7.6%
OPERATING STATISTICS
Operating Weekdays                                              62                62          —                  190               190           —
AVG DAILY VOLUME / POUNDS
Average Daily Package Volume (000s):
     U.S. Overnight Box                                     1,191              1,225        (3%)              1,180             1,205          (2%)
     U.S. Overnight Envelope                                  699                711        (2%)                701               708          (1%)
     U.S. Deferred                                            965                965          —                 904               916          (1%)
         Total U.S. Domestic Package                        2,855              2,901        (2%)              2,785             2,829          (2%)
     International Priority1                                  490                474         3%                 486               463           5%
        Total Average Daily Packages                        3,345              3,375        (1%)              3,271             3,292          (1%)
Average Daily Freight Pounds (000s):
     U.S.                                                  9,785               9,619         2%               9,688             9,343          4%
     International Priority Freight1                       1,845               1,620        14%               1,866             1,585         18%
     International ATA/IXF                                 1,715               2,177       (21%)              1,855             2,165        (14%)
        Total Avg Daily Freight Pounds                    13,345              13,416        (1%)             13,409            13,093          2%
YIELD
Revenue Per Package:
     U.S. Overnight Box                                   $21.29              $21.03         1%              $21.68            $20.80           4%
     U.S. Overnight Envelope                               11.01               11.01          —               11.09             10.81           3%
     U.S. Deferred                                         12.37               12.54        (1%)              12.58             12.29           2%
         Total U.S. Domestic Package                       15.76               15.75         0%               16.06             15.55           3%
     International Priority1                               52.52               50.62         4%               53.73             51.03           5%
        Composite Package Yield                           $21.14              $20.65         2%              $21.65            $20.54           5%
Revenue Per Freight Pound:
     U.S.                                                   $0.97              $0.96         1%               $0.99             $0.93          6%
     International Priority Freight1                         2.20               2.01         9%                2.18              1.96         11%
     International ATA/IXF                                   0.85               0.80         6%                0.85              0.80          6%
        Composite Freight Yield                             $1.12              $1.06         6%               $1.13             $1.03         10%
Average Full-Time Equivalents (000s)                          125               126         (1%)                 122               125         (2%)
1 - Certain statistics previously included within International Priority (IP) package statistics in the table above that were IP freight shipments
    have been reclassed to International Priority Freight statistics to more precisely present the nature of the services provided.

                                                                         10
FEDEX GROUND SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS


                                                  Third Quarter Fiscal 2007
                                                      (Dollars in millions)
                                                         (Unaudited)

                                                     Three Months Ended               Nine Months Ended
                                                          February 28                     February 28
                                                                                %                           %
                                                     2007        2006                2007        2006
FINANCIAL HIGHLIGHTS
Revenue                                             $1,523          $1,363    12%   $4,460     $3,889     15%
Operating Expenses:
   Salaries and employee benefits                      251             237     6%      748        688      9%
   Purchased transportation                            597             517    15%    1,742      1,489     17%
   Rentals                                              45              35    29%      125        102     23%
   Depreciation and amortization                        71              58    22%      197        161     22%
   Fuel                                                 26              21    24%       85         66     29%
   Maintenance and repairs                              35              29    21%       98         86     14%
   Intercompany charges                                141             135     4%      424        384     10%
   Other                                               161             144    12%      497        415     20%
       Total Operating Expenses                      1,327           1,176    13%    3,916      3,391     15%
Operating Income                                     $ 196          $ 187     5%    $ 544      $ 498      9%
Operating Margin                                     12.9%          13.7%           12.2%      12.8%


OPERATING STATISTICS
Operating Weekdays                                     62              62      —      190        190       —
                                     1
Average Daily Package Volume (000s)                  3,216           2,944    9%     3,125      2,788     12%
Yield (Revenue Per Package) 1                        $7.26           $7.10    2%     $7.14      $6.97      2%


1 - Package statistics exclude FedEx SmartPost.




                                                               11
FEDEX FREIGHT SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS


                                                    Third Quarter Fiscal 2007
                                                            (Dollars in millions)
                                                               (Unaudited)

                                                         Three Months Ended                               Nine Months Ended
                                                              February 28                                     February 28
                                                                                           %                                               %
                                                         2007        2006                                2007        2006
FINANCIAL HIGHLIGHTS
Revenue                                                $1,101             $ 848        30%              $3,339           $2,672        25%
Operating Expenses:
   Salaries and employee benefits                          569                449      27%               1,645            1,330        24%
   Purchased transportation                                117                 68      72%                 340              221        54%
   Rentals and landing fees                                 30                 23      30%                  83               72        15%
   Depreciation and amortization                            55                 29      90%                 138               88        57%
   Fuel                                                    111                 87      28%                 339              273        24%
   Maintenance and repairs                                  42                 30      40%                 119               88        35%
   Intercompany charges                                     15                  9      67%                  45               27        67%
   Other                                                   112                 80      40%                 292              230        27%
       Total Operating Expenses                          1,051                775      36%               3,001            2,329        29%
Operating Income                                        $    50           $    73     (32%)             $ 338            $ 343          (1%)
Operating Margin                                          4.5%             8.6%                         10.1%            12.8%


OPERATING STATISTICS
LTL Operating Weekdays                                       62                62         —                 189              189          —
LTL Shipments Per Day (000s)                               77                 64       20%                  77               66        17%
Weight Per LTL Shipment (lbs)                           1,129              1,141       (1%)              1,128            1,145        (1%)
LTL Revenue/CWT                                        $18.68             $16.74       12%              $18.45           $16.70        10%


The results of operations for FedEx National LTL are included in our consolidated results from the date of acquisition on September 3, 2006.




                                                                     12
FEDEX KINKO'S SEGMENT FINANCIAL HIGHLIGHTS


                                             Third Quarter Fiscal 2007
                                                 (Dollars in millions)
                                                    (Unaudited)

                                                  Three Months Ended               Nine Months Ended
                                                       February 28                     February 28
                                                                            %                             %
                                                  2007       2006                 2007       2006
FINANCIAL HIGHLIGHTS
Revenue                                           $485           $501     (3%)   $1,508    $1,546       (2%)
Operating Expenses:
   Salaries and employee benefits                  186            185     1%         575        561      2%
   Rentals                                          92             94    (2%)        282        295     (4%)
   Depreciation and amortization                    35             35      —         104        108     (4%)
   Maintenance and repairs                          17             18    (6%)         49         55    (11%)
   Intercompany charges                             13              8    63%          40         18      NM
   Other operating expenses:
       Supplies, including paper and toner          63             67     (6%)      196       204       (4%)
       Other                                        75             87    (14%)      240       266      (10%)
          Total Operating Expenses                 481            494     (3%)    1,486     1,507       (1%)
Operating Income                                  $   4          $   7   (43%)   $    22    $    39    (44%)
Operating Margin                                  0.8%           1.4%             1.5%       2.5%




                                                          13

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FedEx Reports Third Quarter Earnings Mar 21, 2007

  • 1. FOR IMMEDIATE RELEASE FedEx Reports Third Quarter Earnings MEMPHIS, Tenn., March 21, 2007 ... FedEx Corp. (NYSE: FDX) today reported earnings of $1.35 per diluted share for the third quarter ended February 28, compared to $1.38 per diluted share a year ago. Third quarter results were negatively impacted by a slowing economic environment, lower fuel surcharges and severe winter storms, with the storm impact estimated to be $0.06 per diluted share. Results for the quarter also include an $0.08 per diluted share benefit from a reduction in the company’s effective tax rate. FedEx Corp. reported the following consolidated results for the third quarter: • Revenue of $8.59 billion, up 7% from $8.00 billion the previous year • Operating income of $641 million, down 10% from $713 million a year ago • Operating margin of 7.5%, down from last year’s 8.9% • Net income of $420 million, down 2% from $428 million a year ago Total combined average daily package volume at FedEx Express and FedEx Ground grew 4% year over year for the quarter, led by ground and international express package growth. quot;The U.S. economy grew at a lower rate than we expected in the third quarter, and we saw continued adjustments in the automotive and housing markets. I believe, however, this represents a healthy transition for the economy as it phases into a more sustainable growth rate,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “FedEx is in excellent position to take full advantage of global economic-growth trends and deliver overall outstanding financial results in the long run.” - more - 1
  • 2. Outlook For the fourth quarter, earnings are expected to be $1.93 to $2.08 per diluted share, while earnings for the full year are expected to be $6.45 to $6.60 per diluted share. Excluding the net impact of the costs associated with the new pilot labor contract, the updated guidance for fiscal 2007 is $6.70 to $6.85 per diluted share, an increase of 12% to 15% year over year excluding the impact of last year’s non-cash lease accounting charge. The capital spending forecast for fiscal 2007 is $3.0 billion. “Long-term we continue to maintain our goal of 10% to 15% annual earnings per share growth,” said Alan B. Graf, Jr., executive vice president and chief financial officer. “However, FedEx earnings growth in our upcoming fiscal 2008, excluding the 2007 net impact of the new pilot contract, may be below our long-term earnings target due to slower economic growth and planned investments in our businesses. Regardless, we remain highly focused on improving margins, cash flow and returns and are confident that we can achieve our long term earnings goals once economic conditions improve.” FedEx Express Segment For the third quarter, the FedEx Express segment reported: • Revenue of $5.52 billion, up 3% from last year’s $5.34 billion • Operating income of $391 million, down 12% from $446 million a year ago • Operating margin of 7.1%, down from 8.4% the previous year FedEx International Priority (IP) revenue grew 7% for the quarter, as IP revenue per package grew 4%, primarily due to favorable exchange rates, an increase in package weights and a higher rate per pound, offset by lower fuel surcharge. IP average daily package volume grew 3%. U.S. domestic revenue per package increased slightly, as increases in rate per pound were offset by lower fuel surcharge and changes in product mix. U.S. domestic average daily package volume declined 2%. Operating margin declined primarily due to lower revenue growth, the timing impact of fuel surcharges and severe winter weather. Last year’s third quarter benefited from the timing lag that exists between when the company purchases fuel and when indexed fuel surcharges automatically adjust. - more - 2
  • 3. December 2005 fuel surcharges were set during the period fuel prices had spiked following Hurricane Katrina. During the quarter, FedEx completed the acquisitions of ANC Holdings Ltd., a United Kingdom domestic express transportation company, and Prakash Air Freight Pvt. Ltd., its Indian express service company. Neither acquisition materially affected segment financial results for the quarter. However, the increase in purchased transportation was primarily driven by these acquisitions. FedEx Express also completed the acquisition of the express business of China’s DTW Group on March 1 and will initiate a China domestic express service beginning in May 2007. These strategic investments will expand the company’s global service offerings and deliver additional value to shareowners. FedEx Ground Segment For the third quarter, the FedEx Ground segment reported: • Revenue of $1.52 billion up 12% from last year’s $1.36 billion • Operating income of $196 million, up 5% from $187 million a year ago • Operating margin of 12.9%, down from 13.7% the previous year FedEx Ground average daily package volume grew 9% year over year in the third quarter due to increased commercial business and the continued strong growth in the FedEx Home Delivery service. Yield improved 2% primarily due to the impact of general rate increases and extra service revenues. Operating margin was lower due to the timing impact of fuel surcharges, increased purchased transportation costs, severe winter weather and higher expenses associated with network expansion, which more than offset improved results at FedEx SmartPost. FedEx Freight Segment For the third quarter, the FedEx Freight segment reported: • Revenue of $1.10 billion, up 30% from last year’s $848 million • Operating income of $50 million, down 32% from $73 million a year ago • Operating margin of 4.5%, down from 8.6% the previous year - more - 3
  • 4. Less-than-truckload (LTL) shipments increased 20% year over year due to the Watkins acquisition (now rebranded as FedEx National LTL). Excluding FedEx National LTL, average daily LTL shipments at FedEx Freight regional were down slightly year over year. LTL yield improved 12% year over year reflecting higher yields from longer-haul FedEx National LTL shipments and higher rates. Operating margin declined during the quarter primarily due to operating losses at FedEx National LTL, which resulted from softening volumes and ongoing investments to re-engineer its network. Severe winter weather also impacted operating income and margin. FedEx Kinko’s Segment For the third quarter, the FedEx Kinko's segment reported: • Revenue of $485 million, down 3% from last year's $501 million • Operating income of $4 million, down 43% from $7 million a year ago • Operating margin of 0.8%, down from 1.4% the previous year The FedEx Kinko's revenue decrease for the quarter was primarily due to declines in copy product revenues, which more than offset higher package acceptance fees paid by FedEx Express and FedEx Ground. Operating margin was negatively impacted by the copy product revenue decline, network expansion costs and higher employee development and training costs. FedEx Kinko's continues a company-wide effort to refocus resources on core business priorities, including a multi-year network expansion using a lower- cost model. In the first nine months of the fiscal year, the company opened 150 centers and plans for a total of approximately 200 new locations by the end of FY07. In addition, FedEx Kinko's launched Print Online in October and is excited about the future prospects of this new Web-based, print-on-demand application. Tax Rate The company’s effective tax rate was reduced to 33.2% for the third quarter and to 36.7% year to date. The rate reduction was primarily attributable to the - more - 4
  • 5. conclusion of various state and federal audits and appeals. The company’s fourth quarter effective tax rate is expected to be approximately 39% due to tax charges we expect to incur as a result of a reorganization in Asia associated with the company’s acquisition in China. The company’s effective tax rate for all of 2007 is expected to be approximately 37.5%. 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 275,000 employees and contractors to remain quot;absolutely, positivelyquot; focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit fedex.com. Additional information and operating data are contained in the company’s annual report, Form 10-K, Form 10-Qs and third quarter FY2007 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 March 21, 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, 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, the impact of 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 - more - 5
  • 6. 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 net impact of the costs associated with the new pilot labor contract from this year’s guidance and the impact of the non-cash lease accounting charge from last year’s results will allow more accurate comparisons to prior periods of our operating performance in fiscal 2007. As required by SEC rules, the tables below present a reconciliation of our presented non-GAAP measures to the most directly comparable GAAP measures. Earnings FY07 Diluted FY06 Growth, EPS Guidance Diluted EPS FY07 vs. FY06 Non-GAAP measures $6.70 – $6.85 $5.98 12% – 15% Impact of new pilot contract, net of variable compensation and income taxes (0.25) – (0.25) Lease accounting charge, net of variable compensation and income taxes ____ ____ (0.15) GAAP measures $6.45 – $6.60 $5.83 11% – 13% 6
  • 7. FEDEX CORP. FINANCIAL HIGHLIGHTS Third Quarter Fiscal 2007 (In millions, except earnings per share and FTEs) (Unaudited) Three Months Ended Nine Months Ended February 28 February 28 % % 2007 2006 2007 2006 Revenue: FedEx Express segment $5,523 $5,340 3% $16,856 $15,832 6% FedEx Ground segment 1,523 1,363 12% 4,460 3,889 15% FedEx Freight segment 1,101 848 30% 3,339 2,672 25% FedEx Kinko's segment 485 501 (3%) 1,508 1,546 (2%) Other & eliminations (40) (49) NM (100) (139) NM Total Revenue 8,592 8,003 7% 26,063 23,800 10% Operating Expenses: Salaries and employee benefits 3,414 3,162 8% 10,225 9,305 10% Purchased transportation 1,009 814 24% 2,901 2,397 21% Rentals and landing fees 598 577 4% 1,752 1,826 (4%) Depreciation and amortization 449 391 15% 1,278 1,147 11% Fuel 829 774 7% 2,630 2,393 10% Maintenance and repairs 484 427 13% 1,491 1,340 11% Other 1,168 1,145 2% 3,522 3,305 7% Total Operating Expenses 7,951 7,290 9% 23,799 21,713 10% Operating Income: FedEx Express segment 391 446 (12%) 1,360 1,207 13% FedEx Ground segment 196 187 5% 544 498 9% FedEx Freight segment 50 73 (32%) 338 343 (1%) FedEx Kinko's segment 4 7 (43%) 22 39 (44%) Other & eliminations — — NM — — NM Total Operating Income 641 713 (10%) 2,264 2,087 8% Other Income (Expense): Interest, net (11) (28) (61%) (37) (82) (55%) Other, net (1) (2) (50%) (5) (13) (62%) Total Other Income (Expense) (12) (30) (60%) (42) (95) (56%) Pretax Income 629 683 (8%) 2,222 1,992 12% Provision for Income Taxes 209 255 (18%) 816 754 8% Net Income $ 420 $ 428 (2%) $1,406 $1,238 14% Diluted Earnings Per Share $1.35 $1.38 (2%) $4.52 $4.01 13% Weighted Average Common and Common Equivalent Shares 311 310 0% 311 309 1% Capital Expenditures $653 $530 23% $2,112 $1,856 14% Average Full-Time Equivalents (000s) 242 223 9% 237 221 7% 7
  • 8. FEDEX CORP. CONDENSED CONSOLIDATED BALANCE SHEETS Third Quarter Fiscal 2007 (In millions) Feb. 28, 2007 (Unaudited) May 31, 2006 ASSETS Current Assets: Cash and cash equivalents $ 1,770 $ 1,937 Other current assets 4,997 4,527 Total Current Assets 6,767 6,464 Net Property and Equipment 12,169 10,770 Other Long-Term Assets 6,037 5,456 $24,973 $22,690 LIABILITIES AND STOCKHOLDERS' INVESTMENT Current Liabilities: Current portion of long-term debt $ 1,259 $ 850 Other current liabilities 4,511 4,623 Total Current Liabilities 5,770 5,473 Long-Term Debt, Less Current Portion 2,005 1,592 Other Long-Term Liabilities 4,188 4,114 Total Common Stockholders' Investment 13,010 11,511 $24,973 $22,690 8
  • 9. FEDEX CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Third Quarter Fiscal 2007 (In millions) (Unaudited) Nine Months Ended February 28 2007 2006 Operating Activities: Net income $1,406 $1,238 Noncash charges: Depreciation and amortization 1,278 1,145 Other, net 110 243 Changes in operating assets and liabilities, net (690) (407) Net cash provided by operating activities 2,104 2,219 Investing Activities: Capital expenditures (2,112) (1,856) Business acquisitions, net of cash acquired (991) — Proceeds from asset dispositions and other 35 44 Net cash used in investing activities (3,068) (1,812) Financing Activities: Proceeds from debt issuances 1,054 — Dividends paid (83) (73) Other, net (174) (252) Net cash provided by (used in) financing activities 797 (325) Net (decrease) increase in cash and cash equivalents (167) 82 Cash and cash equivalents at beginning of period 1,937 1,039 Cash and cash equivalents at end of period $1,770 $1,121 9
  • 10. FEDEX EXPRESS SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS Third Quarter Fiscal 2007 (Dollars in millions) (Unaudited) Three Months Ended Nine Months Ended February 28 February 28 % % FINANCIAL HIGHLIGHTS 2007 2006 2007 2006 Revenue $5,523 $5,340 3% $16,856 $15,832 6% Operating Expenses: Salaries and employee benefits 2,043 2,019 1% 6,161 5,949 4% Purchased transportation 300 238 26% 832 715 16% Rentals and landing fees 411 408 1% 1,201 1,300 (8%) Depreciation and amortization 216 203 6% 629 599 5% Fuel 691 666 4% 2,205 2,054 7% Maintenance and repairs 357 320 12% 1,120 1,020 10% Intercompany charges 503 386 30% 1,539 1,127 37% Other 611 654 (7%) 1,809 1,861 (3%) Total Operating Expenses 5,132 4,894 5% 15,496 14,625 6% Operating Income $ 391 $ 446 (12%) $1,360 $1,207 13% Operating Margin 7.1% 8.4% 8.1% 7.6% OPERATING STATISTICS Operating Weekdays 62 62 — 190 190 — AVG DAILY VOLUME / POUNDS Average Daily Package Volume (000s): U.S. Overnight Box 1,191 1,225 (3%) 1,180 1,205 (2%) U.S. Overnight Envelope 699 711 (2%) 701 708 (1%) U.S. Deferred 965 965 — 904 916 (1%) Total U.S. Domestic Package 2,855 2,901 (2%) 2,785 2,829 (2%) International Priority1 490 474 3% 486 463 5% Total Average Daily Packages 3,345 3,375 (1%) 3,271 3,292 (1%) Average Daily Freight Pounds (000s): U.S. 9,785 9,619 2% 9,688 9,343 4% International Priority Freight1 1,845 1,620 14% 1,866 1,585 18% International ATA/IXF 1,715 2,177 (21%) 1,855 2,165 (14%) Total Avg Daily Freight Pounds 13,345 13,416 (1%) 13,409 13,093 2% YIELD Revenue Per Package: U.S. Overnight Box $21.29 $21.03 1% $21.68 $20.80 4% U.S. Overnight Envelope 11.01 11.01 — 11.09 10.81 3% U.S. Deferred 12.37 12.54 (1%) 12.58 12.29 2% Total U.S. Domestic Package 15.76 15.75 0% 16.06 15.55 3% International Priority1 52.52 50.62 4% 53.73 51.03 5% Composite Package Yield $21.14 $20.65 2% $21.65 $20.54 5% Revenue Per Freight Pound: U.S. $0.97 $0.96 1% $0.99 $0.93 6% International Priority Freight1 2.20 2.01 9% 2.18 1.96 11% International ATA/IXF 0.85 0.80 6% 0.85 0.80 6% Composite Freight Yield $1.12 $1.06 6% $1.13 $1.03 10% Average Full-Time Equivalents (000s) 125 126 (1%) 122 125 (2%) 1 - Certain statistics previously included within International Priority (IP) package statistics in the table above that were IP freight shipments have been reclassed to International Priority Freight statistics to more precisely present the nature of the services provided. 10
  • 11. FEDEX GROUND SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS Third Quarter Fiscal 2007 (Dollars in millions) (Unaudited) Three Months Ended Nine Months Ended February 28 February 28 % % 2007 2006 2007 2006 FINANCIAL HIGHLIGHTS Revenue $1,523 $1,363 12% $4,460 $3,889 15% Operating Expenses: Salaries and employee benefits 251 237 6% 748 688 9% Purchased transportation 597 517 15% 1,742 1,489 17% Rentals 45 35 29% 125 102 23% Depreciation and amortization 71 58 22% 197 161 22% Fuel 26 21 24% 85 66 29% Maintenance and repairs 35 29 21% 98 86 14% Intercompany charges 141 135 4% 424 384 10% Other 161 144 12% 497 415 20% Total Operating Expenses 1,327 1,176 13% 3,916 3,391 15% Operating Income $ 196 $ 187 5% $ 544 $ 498 9% Operating Margin 12.9% 13.7% 12.2% 12.8% OPERATING STATISTICS Operating Weekdays 62 62 — 190 190 — 1 Average Daily Package Volume (000s) 3,216 2,944 9% 3,125 2,788 12% Yield (Revenue Per Package) 1 $7.26 $7.10 2% $7.14 $6.97 2% 1 - Package statistics exclude FedEx SmartPost. 11
  • 12. FEDEX FREIGHT SEGMENT FINANCIAL AND OPERATING HIGHLIGHTS Third Quarter Fiscal 2007 (Dollars in millions) (Unaudited) Three Months Ended Nine Months Ended February 28 February 28 % % 2007 2006 2007 2006 FINANCIAL HIGHLIGHTS Revenue $1,101 $ 848 30% $3,339 $2,672 25% Operating Expenses: Salaries and employee benefits 569 449 27% 1,645 1,330 24% Purchased transportation 117 68 72% 340 221 54% Rentals and landing fees 30 23 30% 83 72 15% Depreciation and amortization 55 29 90% 138 88 57% Fuel 111 87 28% 339 273 24% Maintenance and repairs 42 30 40% 119 88 35% Intercompany charges 15 9 67% 45 27 67% Other 112 80 40% 292 230 27% Total Operating Expenses 1,051 775 36% 3,001 2,329 29% Operating Income $ 50 $ 73 (32%) $ 338 $ 343 (1%) Operating Margin 4.5% 8.6% 10.1% 12.8% OPERATING STATISTICS LTL Operating Weekdays 62 62 — 189 189 — LTL Shipments Per Day (000s) 77 64 20% 77 66 17% Weight Per LTL Shipment (lbs) 1,129 1,141 (1%) 1,128 1,145 (1%) LTL Revenue/CWT $18.68 $16.74 12% $18.45 $16.70 10% The results of operations for FedEx National LTL are included in our consolidated results from the date of acquisition on September 3, 2006. 12
  • 13. FEDEX KINKO'S SEGMENT FINANCIAL HIGHLIGHTS Third Quarter Fiscal 2007 (Dollars in millions) (Unaudited) Three Months Ended Nine Months Ended February 28 February 28 % % 2007 2006 2007 2006 FINANCIAL HIGHLIGHTS Revenue $485 $501 (3%) $1,508 $1,546 (2%) Operating Expenses: Salaries and employee benefits 186 185 1% 575 561 2% Rentals 92 94 (2%) 282 295 (4%) Depreciation and amortization 35 35 — 104 108 (4%) Maintenance and repairs 17 18 (6%) 49 55 (11%) Intercompany charges 13 8 63% 40 18 NM Other operating expenses: Supplies, including paper and toner 63 67 (6%) 196 204 (4%) Other 75 87 (14%) 240 266 (10%) Total Operating Expenses 481 494 (3%) 1,486 1,507 (1%) Operating Income $ 4 $ 7 (43%) $ 22 $ 39 (44%) Operating Margin 0.8% 1.4% 1.5% 2.5% 13