OREANDA-NEWS. FedEx Corp. today reported adjusted earnings of USD 2.66 per diluted share for the fourth quarter ended May 31, compared to adjusted earnings of USD 2.54 per diluted share a year ago. For fiscal 2015, adjusted earnings were USD 8.95 per diluted share, compared to USD 7.05 per diluted share a year ago. Without adjustments, FedEx reported a loss of USD 3.16 per diluted share for the fourth quarter compared to a profit of USD 2.62 per diluted share a year ago, and earnings of USD 3.65 per diluted share for the full fiscal year, compared to USD 7.48 per diluted share last year.

Quarterly consolidated earnings have been adjusted for previously announced changes in pension accounting (USD 4.88 per diluted share), aircraft impairments (USD 0.62 per diluted share), a legal reserve increase (USD 0.47 per diluted share) and changes in segment reporting (favorable USD 0.15 per diluted share).

"Fiscal 2015 was a transformative year for FedEx with outstanding financial results driving expanded long-term value for shareowners," said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. "Significant acquisitions announced in the year promise to strengthen our portfolio of services and change what's possible for customers. I am very proud of the FedEx team for its accomplishments and look forward to a successful fiscal 2016."

FedEx also announced today that independent members of its Board of Directors have approved a change to FedEx's Corporate Governance Guidelines to increase the mandatory retirement age for directors from age 72 to age 75, effective immediately. "This change is consistent with the market trend of increasing the mandatory retirement age for board members," said David P. Steiner, FedEx Corporation's Lead Independent Director.

For fiscal 2016, FedEx projects adjusted earnings to be USD 10.60 to USD 11.10 per diluted share before year-end mark-to-market pension accounting adjustments, driven by continued improvement in base pricing and benefits from our profit improvement program. The outlook assumes continued moderate economic growth and does not include any operating results or costs related to TNT Express.

Capital spending for fiscal 2016 is expected to be approximately USD 4.6 billion, which includes expansion of the FedEx Ground network and planned aircraft deliveries to support the FedEx Express fleet modernization program.

"Our operating performance significantly improved in fiscal 2015 as we focused on revenue quality and executed on our profit improvement program initiatives," said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. "We expect strong earnings growth in fiscal 2016 as we continue to focus on improving performance and successfully executing our profit improvement initiatives."