Fedex Corp (NYSE:FDX) Q4 2020 Earnings Conference Call - Final Transcript

Jun 30, 2020 • 05:00 pm ET


Fedex Corp (NYSE:FDX) Q4 2020 Earnings Conference Call - Final Transcript


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Good day everyone and welcome to the FedEx Corporation Fourth Quarter Fiscal Year 2020 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Mickey Foster, Vice President of Investor Relations for FedEx Corporation. Please go ahead.

Mickey Foster

Good afternoon and welcome to FedEx Corporation's fourth quarter earnings conference call. The fourth quarter earnings release and stat book are on our website at This call is being streamed from our website where the replay will be available for about one year.

Joining us on the call today are members of the media. During our question-and-answer session, callers will be limited to one question in order to allow us to accommodate all 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 such as projections regarding future performance 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 releases and filings with the SEC.

Please refer to the Investor Relations portion of our website at for a reconciliation of the non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures.

Joining us on the call today are Fred Smith, Chairman; Raj Subramaniam, President and COO; Alan Graf, Executive VP and CFO; Mark Allen, Executive VP, General Counsel and Secretary; Rob Carter, Executive Vice President, FedEx Information Services and CIO; Brie Carere, Executive VP, Chief Marketing and Communications Officer; Don Colleran, President and CEO of FedEx Express; Henry Maier, President and CEO of FedEx Ground; and John Smith, President and CEO of FedEx Freight.

And now, Fred Smith will share his views on the quarter and year.

Frederick W. Smith

Thank you, Mickey. Thanks everyone for participating on this call. Before I begin, let me take a point of personal privilege and congratulate David Abney who just retired as UPS CEO. I believe David joined UPS in '74 right out of Delta State, not far from here. David is an able competitor, a gentleman and a fine man and all of us at FedEx wish you well in your retirement. I understand you'll be staying on as Executive Chairman for a time, but I wasn't sure I'd get a chance to do this again before he left. So all the best, David.

We said on this call last year that FY '20 would be a challenging -- a year of challenge and change, better put. And that has certainly been the case. We told you about a number of strategic initiatives we have had underway to navigate that challenge and change. Then beginning in January, we began to deal with COVID-19 in China then