Key Developments: FedEx Corp (FDX)

FDX on New York Consolidated

22 Aug 2014
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Latest Key Developments (Source: Significant Developments)

FedEx Corp's FedEx Ground reports decision by Federal Court in appeal of three contractor cases
Wednesday, 27 Aug 2014 12:45pm EDT 

FedEx Ground:FedEx Ground, subsidiary of FedEx Corp reports decision by three-judge panel of United States Court of Appeals for Ninth Circuit reversed previous rulings by the District Court for Northern District of Indiana in three class action cases involving former independent contractors for FedEx Ground.Court held that those independent contractors operating in California from 2000-2007 and Oregon from 1999-2009 were employees according to panel's interpretation of state laws.Model that court reviewed is no longer in use.Since 2011, FedEx Ground has only contracted with incorporated businesses, which treat their drivers as their employees.FedEx Ground will seek review of these decisions, including review by the entire Ninth Circuit.  Full Article

FedEx Corp declares quarterly dividend
Friday, 15 Aug 2014 08:20am EDT 

FedEx Corp:Declares quarterly cash dividend of $0.20 per share.Payable on Oct. 1 to stockholders of record at the close of business on Sept. 10.  Full Article

Fifteen Group Acquires FedEx Corp's distribution facility in Miami
Monday, 21 Jul 2014 11:00am EDT 

FedEx Corp:Says Miami-based Fifteen Group completes $19 mln acquisition of 200 South Miami Avenue, 6-story, 85,000-square-foot distribution and logistics facility 100 pct occupied by FedEx Corporation.  Full Article

FedEx Corp gives FY 2015 EPS outlook in line with analysts' estimates
Wednesday, 18 Jun 2014 07:30am EDT 

FedEx Corp:Sees earnings to be $8.50 to $9.00 per diluted share.The outlook assumes no net year-over-year fuel impact and continued moderate economic growth.FY 2015 EPS of $8.76 - Thomson Reuters I/B/E/S.  Full Article

FedEx Corp announces increase in quarterly dividend
Monday, 9 Jun 2014 04:15pm EDT 

FedEx Corp:Declared quarterly cash dividend of $0.20 per share on FedEx Corporation common stock, a $0.05 per share increase from the prior quarter's dividend.Payable July 3, 2014 to stockholders of record at the close of business on June 19, 2014.  Full Article

FedEx Corp acquires Supaswift Businesses
Friday, 2 May 2014 06:30am EDT 

FedEx Corp:FedEx Express, subsidiary completed acquisition of Supaswift businesses in South Africa and six other countries.Botswana, Malawi, Mozambique, Namibia, Swaziland and Zambia are six countries.  Full Article

FedEx Corp sued by individual in California crash
Wednesday, 23 Apr 2014 04:59am EDT 

FedEx Corp:Mother of 17-year-old student who was among 10 people killed in a highway crash in northern California earlier this month has sued FedEx Corp.Suit, filed on Tuesday in Los Angeles Superior Court, accuses the driver of negligence and FedEx of a history of vehicle fires, saying the truck was already on fire when it struck the bus wire service CNS reported.  Full Article

FedEx Corp gives Q4 2014 EPS outlook in line with analysts' estimates; gives FY 2014 EPS outlook below analysts' estimates
Wednesday, 19 Mar 2014 07:30am EDT 

FedEx Corp:Expects Q4 2014 earnings to be $2.25 to $2.50 per diluted share.Expects FY 2014 earnings to be $6.55 to $6.80 per diluted share.Q4 2014 EPS of $2.33 - Thomson Reuters I/B/E/S.FY 2014 EPS of $6.89 - Thomson Reuters I/B/E/S.  Full Article

FedEx Corp declares cash dividend
Friday, 14 Feb 2014 09:00am EST 

FedEx Corp:Says the Board has declared a quarterly cash dividend of $0.15 per share.Says the dividend is payable on Apr. 1 to stockholders of record at the close of business on Mar. 11.  Full Article

FedEx Corp announces $2 billion senior notes offering and accelerated share repurchase program
Monday, 6 Jan 2014 09:13am EST 

FedEx Corp:Says that it intends to offer, subject to market and other conditions, $2 billion of senior unsecured notes pursuant to an effective registration statement previously filed with the Securities and Exchange Commission.Says FedEx intends to use proceeds from the offering to make payments under accelerated share repurchase agreements (ASRs) with Goldman, Sachs & Co. and JPMorgan Chase Bank, National Association, London Branch, which are part of the company`s previously announced share repurchase program.Says the effectiveness of the ASRs is conditioned upon the closing of the notes offering.Says FedEx has agreed to repurchase an aggregate of $2 billion of its common stock from the banks, with an initial delivery of about 11.4 million shares based on current market prices.Says the final number of shares to be repurchased under each ASR will be based on a discount to the volume-weighted average stock price for Rule 10b-18 eligible transactions in FedEx`s common stock during the term of the relevant transaction.Says purchases under the ASRs are expected to be completed prior to the end of FedEx`s current fiscal year on May 31.Says FedEx expects to continue to repurchase shares in the open market from time to time, subject to market and other conditions.Says J.P. Morgan Securities LLC, Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering.  Full Article

UPDATE 2-U.S. court clears FedEx Ground drivers to pursue wage, benefit claims

Aug 27 - Groups of mostly former FedEx drivers in California and Oregon can move forward with lawsuits alleging they are owed unpaid wages and benefits under state and federal labor laws after a U.S. appeals court said Wednesday they were employees, not independent contractors.

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