Tag Archives: FedEx Express

FedEx Corporation reports net income of $679 million in the fiscal 4Q and $1.98 billion for the year

FedEx Corporation (FedEx Express) (Memphis) reported earnings of $2.13 per diluted share for the fourth quarter ended May 31. This excludes a $0.98 per diluted share business realignment program charge and a previously announced $0.20 per diluted share noncash aircraft impairment charge at FedEx Express. Including these charges, fourth quarter earnings were $0.95 per diluted share.

Last year’s fourth quarter earnings were $1.99 per diluted share, excluding a $0.26 per diluted share noncash aircraft impairment charge at FedEx Express. Including last year’s charge, earnings were $1.73 per diluted share.

“FedEx Ground posted another strong year and FedEx Freight margins continued to improve,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “These positive developments did not fully offset tepid economic growth and customer preference for less costly international shipping services. FedEx Express results improved in the fourth quarter, and while near-term challenges remain, we are confident we are positioning FedEx for profitable, long-term growth.”

Fourth Quarter Results

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

	Fiscal 2013		Fiscal 2012
	Adjusted (non-GAAP)	As Reported (GAAP)	Adjusted (non-GAAP)	As Reported (GAAP)
Revenue	$11.4 billion	$11.4 billion	$11.0 billion	$11.0 billion
Operating Income	$1.10 billion	$502 million	$990 million	$856 million
Operating Margin	9.6%	4.4%	9.0%	7.8%
Net Income	$679 million	$303 million	$634 million	$550 million
Diluted EPS	$2.13	$0.95	$1.99	$1.73

As announced on June 3, during the quarter FedEx Express permanently retired 10 aircraft and related engines. As a consequence, a noncash impairment charge of $100 million ($63 million, net of tax, or $0.20 per diluted share) was recorded in the fourth quarter.

Excluding business realignment program costs and aircraft impairment charges from this year and aircraft impairment charges from last year, “adjusted” operating results improved due to continued strong FedEx Ground performance and better FedEx Express performance.

Full Year Results

FedEx Corp. reported the following consolidated results for the full year:

	Fiscal 2013		Fiscal 2012
	Adjusted (non-GAAP)	As Reported (GAAP)	Adjusted (non-GAAP)	As Reported (GAAP)
Revenue	$44.3 billion	$44.3 billion	$42.7 billion	$42.7 billion
Operating Income	$3.21 billion	$2.55 billion	$3.28 billion	$3.19 billion
Operating Margin	7.3%	5.8%	7.7%	7.5%
Net Income	$1.98 billion	$1.56 billion	$2.09 billion	$2.03 billion
Diluted EPS	$6.23	$4.91	$6.59	$6.41

Capital spending for fiscal 2013 was $3.4 billion, down from $4.0 billion in fiscal 2012.

Business Realignment Program Update

In October, the company announced profit improvement programs, which include a voluntary employee separation program. The program was completed during the fourth quarter, and approximately 3,600 employees will be voluntarily leaving the company in phases to ensure a smooth transition. Approximately 40% of the employees vacated their positions on May 31, 2013 in the first phase. Approximately 25% of the employees will vacate their positions in the final phase at the end of fiscal 2014.

The company incurred costs of $496 million ($313 million, net of tax, or $0.98 per diluted share) during the fourth quarter and $560 million ($353 million, net of tax, or $1.11 per diluted share) during fiscal 2013, associated with the business realignment activities. The cost of the voluntary employee separation program is included in the “Business realignment, impairment and other charges” line of the company’s statements of income. Business realignment program costs at FedEx Services have been allocated to the operating segments through the “Intercompany charges” line of each segment’s statement of income.

Outlook

FedEx is revising its earnings guidance practices to focus on full fiscal year projections with quarterly updates. For fiscal 2014, the company projects earnings per share growth of 7% to 13% from fiscal 2013 adjusted results. This assumes the current market outlook for fuel prices, U.S. GDP growth of 2.3% and world GDP growth of 2.7%. Capital spending for fiscal 2014 is expected to be approximately $4 billion.

“We remain focused on improving margins and returns in all of our businesses. The pace of that improvement is expected to be moderate in fiscal 2014 and then accelerate in fiscal 2015,” said Alan B. Graf, Jr., FedEx Corp. executive vice president and chief financial officer. “Our profit improvement program is progressing, but we continue to see the effects of customers selecting lower-rate international services. FedEx Express will further decrease capacity between Asia and the United States in July.”

FedEx Express Segment

For the fourth quarter, the FedEx Express segment reported:

Revenue of $6.98 billion, up 3% from last year’s $6.80 billion
Adjusted operating income of $460 million, up 11% from $415 million a year ago. Including charges, operating income of $0, down from $281 million last year.
Adjusted operating margin of 6.6%, up from 6.1% the previous year. Including charges, operating margin of 0.0%, down from 4.1% last year.

Adjusted operating income and margin improved despite the demand shift toward lower yielding international services, as the net impact of the fuel surcharge timing lag, capacity reductions and other cost reduction activities benefited the quarter’s results. Direct and intercompany costs associated with the business realignment programs and the aircraft impairment charge impacted operating income and margin by $460 million and 6.6 percentage points, respectively. Last year’s results included a $134 million aircraft impairment charge.

Revenue increased due to this year’s business acquisitions and growth at FedEx Trade Networks. U.S. domestic average daily package volume increased 2% and U.S. domestic revenue per package increased 1%, as higher rate per pound and weight per package were offset by lower fuel surcharges. FedEx International Economy volume grew 11%, while FedEx International Priority volume decreased 2% during the quarter. International export revenue per package fell 2% due primarily to lower rates.

FedEx Express is pleased to have been selected as the sole awardee of the recent U.S. Postal Service air cargo solicitation, representing the majority of the USPS’s air line-haul traffic. This new seven year agreement, valued at approximately $10.5 billion, begins on October 1, 2013. The agreement provides reduced rates for the USPS versus the prior FedEx Express agreement and offers the opportunity for incremental revenue.

In other news, FedEx Corporation also announced that it has completed the first stage of a strategic acquisition by signing agreements to acquire the businesses operated by its current service provider Supaswift (Pty) Ltd. in five countries in Southern Africa, including South Africa, Malawi, Mozambique, Swaziland and Zambia, and is also in discussions to acquire Supaswift’s businesses in Botswana and Namibia. These acquisitions will operate under the FedEx Express business unit and the transaction is subject to necessary regulatory approvals and customary closing conditions.

Once the acquisition is completed, FedEx Express will have direct access across the seven markets to 39 facilities and will welcome approximately 1,000 of Supaswift’s team members, who will join the ranks of more than 300,000 FedEx team members globally. FedEx Express will then offer a complete suite of FedEx branded export, import and domestic solutions, connecting Southern Africa to more than 220 countries and territories worldwide, enhancing customers’ business flexibility and speed to market.

Copyright Photo: Ken Petersen/AirlinersGallery.com. FedEx has been building up a large Boeing 757 fleet to replace its older Boeing 727s. Formerly operated by Britannia Airways/Thomsonfly/Thomson Airways as G-BYAS, 757-204 (F) N925FD (msn 27238) departs from the Memphis sorting hub.

FedEx Express:

FedEx accelerates the retirement of 86 aircraft, the last Boeing 727 to be retired on July 1

FedEx Corporation (FedEx Express) (Memphis) announced today it had permanently retired or will accelerate the retirement of 86 aircraft and 308 related engines as it continues to modernize its aircraft fleet and improve the global network of FedEx Express.

The permanent retirement of aircraft and related engines announced today includes:

Two Airbus A310-200 aircraft and four related engines;
Three Airbus A310-300 aircraft and two related engines; and
Five McDonnell Douglas MD-10-10 aircraft and 15 related engines.

The impact of retiring these aircraft, engines and parts resulted in an impairment charge of $100 million recorded in May 2013.

In addition, FedEx will accelerate by several years the retirement of:

47 McDonnell MD-10-10 aircraft and 172 related engines;
13 McDonnell MD-10-30 aircraft and 55 related engines; and
16 Airbus A310-200 aircraft and 60 related engines.

As of July 1, 2013, FedEx Express will complete the final retirement of the Boeing 727-200 fleet.

“We are modernizing our aircraft fleet by retiring older, less-efficient, and less-reliable aircraft and replacing them with modern aircraft to build a fleet with higher reliability and better cost efficiency,” said David J. Bronczek, president and chief executive officer of FedEx Express. “With the planned acquisition of new aircraft and projected slower economic growth than previously forecast, FedEx Express is lowering maintenance costs by aggressively parking and retiring aircraft.”

The impact of accelerating the retirement of aircraft will result in additional year-over-year depreciation expense of $74 million in FY14.

FedEx Express Aircraft Fleet Facts

As of February 28, 2013, FedEx Express’s fleet totaled 660 aircraft, including 368 jet aircraft.
During the four quarters ended on February 28, 2013, FedEx Express spent $3.8 billion on 1.2 billion gallons of jet fuel.
The Boeing 757-200 is significantly more fuel efficient per pound of payload and has 20% additional payload capacity than the Boeing 727 it replaces.
The Boeing 767 will provide similar capacity as the MD-10s, with improved reliability, an approximate 30% increase in fuel efficiency and a minimum of a 20% reduction in unit operating costs.
The Boeing 767 shares spare parts, tooling and flight simulators with the B757.

Dividend Declaration

The Board of Directors today declared a quarterly cash dividend of $0.15 per share on FedEx Corporation common stock, an increase of $0.01 per share over the previous dividend payment. The dividend is payable on July 1, 2013 to stockholders of record at the close of business on June 17, 2013. FedEx remains committed to paying higher dividends to shareowners in years to come.

Copyright Photo: Bruce Drum/AirlinersGallery.com. The pictured Boeing 727-233 (F) N221FE (msn 20932) was originally delivered as a passenger aircraft to Air Canada as C-GAAA on September 25, 1974.

FedEx:

FedEx renews its contract with the United States Postal Service

FedEx Corporation (Memphis) has announced that its FedEx Express (Memphis) subsidiary has entered into a new express air transportation contract with the United States Postal Service. The current contract ends in September 2013, and the new contract will begin in October 2013.

Under this seven-year agreement, valued at approximately $10.5 billion, FedEx Express will provide airport-to-airport transportation of USPS Express Mail and Priority Mail within the United States.

Copyright Photo: Nick Dean/AirlinersGallery.com. Boeing 777-FS2 N884FD (msn 37137) gracefully climbs away from the Boeing factory at Paine Field near Everett, Washington.

FedEx Express:

FedEx Express makes a historic Panda delivery to the Toronto Zoo

FedEx Express (Memphis) has safely delivered two giant pandas from China to the Toronto Zoo following months of preparations and public anticipation.

The giant pandas, breeding pair Er Shun (female) and Da Mao (male), made the journey from Chengdu, China, to the FedEx Express Canadian Hub at Toronto Pearson International Airport, aboard a specially branded MD-11 aircraft donated by FedEx.

The pandas arrived at 10:47 a.m. EDT (March 25) after an 18 hour flight. FedEx Express, the Toronto Zoo, and the Chengdu Research Base of Giant Panda Breeding collaborated extensively to ensure all necessary precautions were taken to provide a safe and comfortable flight for the pandas. Animal care experts were granted special flight privileges to accompany the pandas onboard the aircraft.

Prime Minister Stephen Harper was airside to officially sign for Canada’s receipt of the giant pandas on a FedEx PowerPad handed to him by Lisa Lisson, president of FedEx Express Canada.

“Today is significant for Canadians as it marks an important symbol of trade and diplomacy between our country and China. As the world’s global transportation leader, FedEx understands first-hand the opportunity and potential that comes with strengthened relationships and improved global connectivity—all of which is wrapped into the symbolism of today’s delivery,” said Lisa Lisson, president, FedEx Express Canada. “As excited as we are about facilitating this exchange between Canada and China, I can attest that all our 6,000-strong team of employees, from coast-to-coast, are as eagerly excited about the prospects of a giant panda cub being born on Canadian soil.”

Following the arrival of FedEx Panda Express, Er Shun and Da Mao were transported by two FedEx Express trucks to Toronto Zoo where they will begin a five-year stay before transferring to Calgary. The specially-branded FedEx Express trucks will stay in service throughout the giant pandas’ stay in Toronto, delivering 600 to 900 kilograms of fresh bamboo supplies two-to-three times a week, courtesy of the Memphis Zoo.

As announced by Prime Minister Stephen Harper on February 11, 2012, the cooperative conservation agreement with China marked the first time in more than twenty years that a giant panda has been loaned to a Canadian zoo. The agreement also marked the first time the Chinese government has granted a ten-year loan of breeding giant pandas to any international zoo in the world.

Following a brief but mandatory quarantine, the giant pandas will be on view to the public at a newly-constructed, state-of-the-art giant panda exhibit at the Toronto Zoo sometime in mid-May (exact date to determined). The program will allow the Toronto Zoo to contribute to ongoing international efforts to protect and increase the population of the endangered giant pandas through investments in research and conservation efforts. Currently, conservationists estimate that there are just over 2,000 giant pandas left in the wild.

“We are honoured to have giant pandas, Er Shun and Da Mao, arrive at the Toronto Zoo and look forward to the opportunity of contributing to the survival of this beautiful species for generations to come,” said John Tracogna, CEO, Toronto Zoo. “The Toronto Zoo is thrilled to join the small group of countries and highly respected zoo organizations outside of China that have the conservation and research programs, professional expertise, and facilities to provide excellent care for a breeding pair of pandas.”

FedEx Express has successfully transported a number of giant panda pairs, underscoring the company’s commitment to safely and securely transporting even the world’s most precious cargo:

China to Paris, France (2012)
China to Edinburgh, Scotland (2011)
Washington, D.C., and Atlanta, USA, to China (2010)
China to Memphis, USA (2003)
China to Washington, D.C., USA (2000)

Copyright Photo: FedEx Express. McDonnell Douglas MD-11F N585FE (msn 48481) had the honor for this historic Panda flight. N585FE touches down at Toronto (Pearson) with the special Panda markings.

FedEx Express:

FedEx Express to acquire 14 Boeing 757-200s from United Airlines

FedEx Express (Memphis) has agreed to acquire 15 Boeing 757-200s from United Airlines (Chicago) and convert the passenger aircraft to freighters according to this report by Bloomberg. FedEx also secured options for another 16 757-200s. Deliveries will be 2013 through 2015.

Read the full report: CLICK HERE

Copyright Photo: Brian McDonough. Former USAir/US Airways Boeing 757-2B7 (F) N901FD (msn 27122, ex N610AU) now with FedEx as a freighter, completes its final approach into Washington (Dulles).

Editor’s “To The Point” Observation: FedEx currently operates 67 Boeing 757-200 converted freighters. The first (the pictured N901FD) was added to the cargo fleet on May 9, 2008. The newer 757s have been replacing the older Boeing 727s. FedEx has 30 727-200Fs still in service so it is likely it will take the full option.

FedEx Express:

United Airlines:

FedEx Corporation reports third quarter operating income of $589 million, down 28% from $813 million last year

FedEx Corporation (FedEx Express) (Memphis) today reported earnings of $1.23 per diluted share for the third quarter ended February 28, excluding business realignment costs totaling $47 million primarily related to the company’s voluntary buyout program for eligible U.S. officers and managing directors. Including this year’s realignment costs, third quarter earnings were $1.13 per diluted share.

Last year’s third quarter earnings were $1.55 per diluted share, excluding a $0.10 per share reversal of a reserve associated with a legal matter at FedEx Express. Including last year’s reserve reversal, earnings were $1.65 per diluted share.

“The third quarter was very challenging due to continued weakness in international air freight markets, pressure on yields due to industry overcapacity and customers selecting less expensive and slower-transit services,” said Frederick W. Smith, FedEx Corp. chairman, president and chief executive officer. “In response, beginning April 1, FedEx Express will decrease capacity to and from Asia and will aggressively manage traffic flows to place low yielding traffic in lower-cost networks. We are currently assessing how these actions may allow FedEx Express to retire more of its older, less-efficient aircraft. We remain focused on our strategic cost reduction programs, which are ramping up and on track.”

Third Quarter Results

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

• Revenue of $11.0 billion, up 4% from $10.6 billion the previous year

• Operating income of $589 million, down 28% from $813 million last year

• Operating margin of 5.4%, down from 7.7% the previous year

• Net income of $361 million, down 31% from $521 million a year ago

As discussed above, the quarter’s results reflect the decline in profitability at FedEx Express due to the accelerating demand shift toward lower-yielding international services and lower international export yields. The quarter’s results were also negatively impacted by the business realignment costs noted earlier and by fewer operating days in each transportation segment.

Outlook

FedEx projects earnings to be an adjusted $1.90 to $2.10 per diluted share in the fourth quarter and an adjusted $6.00 to $6.20 per diluted share for fiscal 2013 before charges related to the company’s business realignment. Costs of the benefits provided under the voluntary buyout program will be recognized in the period that eligible employees accept their offers, predominantly in the fourth fiscal quarter. Including the third quarter costs, the company now expects the fiscal 2013 pretax cost of the voluntary buyout program to range from approximately $450 million to $550 million in cash expenditures, or $0.89 to $1.09 per diluted share, with some additional costs expected in fiscal 2014. Actual costs will depend on employee acceptance rates. Including the business realignment costs, earnings are expected to be $0.94 to $1.34 per diluted share in the fourth quarter and $4.91 to $5.31 per diluted share for fiscal 2013. This guidance assumes the current market outlook for fuel prices. The capital spending forecast for fiscal 2013 is now $3.6 billion, compared to $3.9 billion in the company’s previous forecast.

In last year’s fourth quarter, the company reported earnings of $1.99 per diluted share, excluding a $0.26 per diluted share non-cash aircraft impairment charge at FedEx Express. Including this charge, earnings were $1.73 per diluted share.

“Our lower-than-expected results for the quarter and reduced full-year earnings outlook were driven by third quarter international revenues declining approximately $100 million versus our guidance primarily due to accelerating customer preference for lower-yielding international services, lower rate per pound and weight per shipment,” said Alan B. Graf Jr., FedEx Corp. executive vice president and chief financial officer. “We expect these international revenue trends to continue. We have other actions under way beyond those already included in our profit improvement program. Some of these additional actions may involve temporarily or permanently grounding aircraft, which could result in asset impairment or other charges in future periods.”

“In early February, a number of officers and managing directors, primarily at FedEx Services and FedEx Express, accepted voluntary buyouts, and on February 15, thousands more team members were notified of their eligibility for the buyout program. This program is one of the first steps in a process that will help FedEx Express achieve necessary cost structure reductions and improved efficiency. In addition to continued profit improvements in the base businesses at FedEx Ground and FedEx Freight, our profit improvement programs are targeting annual profitability improvement at FedEx Express of $1.6 billion by the end of fiscal 2016, from the fiscal year 2013 base business. Collectively, these initiatives are expected to increase margins, improve cash flows and increase our competitiveness,” said Graf.

Stock Repurchase Program Authorization Increase

The FedEx Corp. board of directors has authorized the repurchase of up to 10 million shares of FedEx Corp. common stock. These shares augment the remaining 188 thousand shares authorized for purchase under existing share repurchase programs. It is expected that the additional share authorization will primarily be utilized to offset equity compensation dilution over the next several years. Purchases may be made in the open market and in negotiated or block transactions. FedEx had 317 million shares outstanding as of February 28, 2013.

FedEx Express Segment

For the third quarter, the FedEx Express segment reported:

• Revenue of $6.70 billion, up 2% from last year’s $6.54 billion

• Operating income of $118 million, down 66% from $349 million a year ago

• Operating margin of 1.8%, down from 5.3% the previous year

Revenue increased due to this year’s business acquisitions and growth at FedEx Trade Networks, while core express revenue was constrained by continued demand shift toward lower-yielding international services. U.S. domestic revenue per package grew 1% as higher rate per pound and weight per package were offset by lower fuel surcharges, while average daily package volume increased 1%. Higher growth in international deferred services continued, with FedEx International Economy^® volume growing 12%, while FedEx International Priority^® volume increased 2% during the quarter. International export revenue per package fell 3% due to the demand shift to lower-yielding international services, lower rates and lower fuel surcharges.

Operating income and margin were significantly lower due to the demand shift to lower-yielding international services, the prior year reversal of a $66 million reserve associated with a legal matter, the negative impact of one fewer operating day, higher pension cost and increased depreciation expense. Costs associated with the business realignment program also negatively impacted operating results by $34 million.

FedEx Express:

Empire Airlines to operate the ATR 42-500s for Hawaiian Airlines

Empire Airlines (Idaho) (3rd) (Coeur d’Alene) will operate the newly-acquired ATR 42-500s for Hawaiian Airlines (Honolulu) according to this report by HNL Rarebirds. Hawaiian has signed a three-year MOU for Empire to operate and maintain the new type. Both N801HC and N804HC are currently at Empire’s base awaiting delivery to the islands.

Empire currently operates the type for FedEx Express as a FedEx Feeder. The company started operations in May 1977 as Clearwater Flying Service before changing to the current name in January 1983.

Read the full report: CLICK HERE

Hawaiian Airlines:

Empire Airlines current route map:

Please click on the map to expand.

FedEx’s 2Q net income slips to $438 million, down 12% from last year’s $497 million, orders four Boeing 767-300 freighters

FedEx Corporation (FedEx Express) (Memphis) today reported earnings of $1.39 per diluted share for the second quarter ended November 30, compared to $1.57 per share last year. Superstorm Sandy impacted the quarter’s results by $0.11 per diluted share due to reduced shipment volumes and incremental operating costs.

Second Quarter Results:

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

• Revenue of $11.1 billion, up 5% from $10.6 billion the previous year

• Operating income of $718 million, down 8% from $780 million last year

• Operating margin of 6.5%, down from 7.4% the previous year

• Net income of $438 million, down 12% from last year’s $497 million

The results of the quarter also reflect, primarily at FedEx Express, the net year-over-year negative impact from the timing lag that exists between when fuel prices change and indexed fuel surcharges automatically adjust.

FedEx Express Segment:

For the second quarter, the FedEx Express segment reported:

• Revenue of $6.86 billion, up 4% from last year’s $6.58 billion

• Operating income of $230 million, down 33% from $342 million a year ago

• Operating margin of 3.4%, down from 5.2% the previous year

Revenue increased primarily due to this year’s business acquisitions and growth at FedEx Trade Networks, as core express revenue growth was constrained by global economic conditions and the impact of Superstorm Sandy.

U.S. domestic revenue per package grew 1% as higher rate per pound was partially offset by lower fuel surcharges. U.S. domestic average daily package volume declined 2%. FedEx international export average daily package volume grew 6% driven by increases in FedEx International Economy^®(IE) from Europe and Asia and by increases in FedEx International Priority^® (IP) from Asia. Higher growth in international deferred services continued, with IE volume growing 14%, while IP volume increased 3% during the quarter. International export revenue per package fell 4% due to the demand shift toward lower-yielding international services and lower fuel surcharges.

Operating income and margin were lower due to the demand shift toward lower-yielding international services, the negative year-over-year impact of net fuel changes, increased depreciation expense, the effects of Superstorm Sandy and higher pension costs. These were partially offset by the favorable impact of cost containment actions.

FedEx Express has entered into an agreement to purchase four additional 767-300 freighters as part of the company’s continued fleet modernization efforts. This brings the total 767-300 orders to 50, with deliveries beginning in fiscal 2014. In concert with this commitment, two 777 freighter deliveries were deferred from fiscal 2015 to fiscal 2016 in order to better match capacity timing to global demand.

FedEx Express:

FedEx Corporation reports 1Q net income of $459 million, down 1%

FedEx Corporation (FedEx Express) (Memphis) reported earnings of $1.45 per diluted share for the fiscal first quarter ended August 31, compared to $1.46 per share last year.

FedEx Corporation reported the following consolidated results for the first quarter:

• Revenue of $10.79 billion, up 3% from $10.52 billion the previous year

• Operating income of $742 million, up 1% from $737 million last year

• Operating margin of 6.9%, down from 7.0% the previous year

• Net income of $459 million, down 1% from last year’s $464 million

During the quarter, improved FedEx Freight results and the continued strong performance at FedEx Ground were more than offset by lower demand for priority services at FedEx Express.

FedEx Express:

FedEx will have to compete with UPS for the U.S. Postal Service contract

FedEx Express (Memphis) has been informed by the U.S. Postal Service it will have to bid for a new postal contract that is expiring in September 2013 according to this report by Reuters. This will open the door for UPS-United Parcel Service (Atlanta) to bid on the contract. According to Reuters, “FedEx is the postal service’s top contractor, earning an estimated $1.5 billion in revenue in fiscal 2011, according to Husch Blackwell LLP’s postal service contracting practice group.”

Read the full report: CLICK HERE

FedEx Express: