MEMPHIS, Tenn., March 22, 2012 ... FedEx Corp. (NYSE: FDX) today reported earnings of $1.65 per diluted share for the third quarter ended February 29, which includes a $0.10 per share reversal of a reserve associated with a legal matter at FedEx Express. Last year’s third quarter earnings were $0.73 per diluted share, which included $0.08 per diluted share in costs related to the combination of the company’s FedEx Freight and FedEx National LTL operations. Excluding these one-time items, earnings were $1.55 per diluted share in the third quarter, compared to $0.81 per diluted share a year ago.

“FedEx Corp. results were driven by improving yields, record holiday package shipping and exceptional performance at FedEx Ground,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “We expect our solid performance to continue in our fourth quarter, capping off a strong fiscal year.”

Third Quarter Results

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

• Revenue of $10.56 billion, up 9% from $9.66 billion the previous year
• Operating income of $813 million, up 107% from $393 million last year
• Operating margin of 7.7%, up from 4.1% the previous year
• Net income of $521 million, up 126% from $231 million a year ago

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