FedEx Initiates $1.0 Billion Accelerated Share Repurchase Agreement

The new organization will align functions based on core business operations and will provide more clarity and focus on what the Postal Service does best; collect, process, move and deliver mail and packages. The new organizational structure is focused on three business operating units: *Retail and Delivery Operations — basic mission: Accept and deliver mail and packages efficiently with a high level of customer satisfaction. This organization will be led by Kristin Seaver. *Logistics and Processing Operations –— basic mission: Process and move mail and packages efficiently to the delivery units, meeting service standards. This organization will be led by David Williams. *Commerce and Business Solutions — basic mission: Leverage infrastructure to enable growth. This organization will be led by Jacqueline (Jakki) Krage Strako.

Commenting on the results, Chief Executive Robert Thomson said: “Fiscal 2017 was a significant year for News Corp as we saw tangible improvement in profitability, powered by the fast-growing Digital Real Estate Services segment, and we charged a premium for premium content while focusing on operating efficiencies. News Corp led the global debate about content value and values, prompting the digital platforms to address a dysfunctional content eco-system, in which the fake and the fraudulent have flourished. We are now in advanced discussions with those platforms over the creation of payment mechanisms for news of verified veracity. HarperCollins posted higher EBITDA and margins this year through poignant books with broad appeal in the U.S., such as The Magnolia Story and Hillbilly Elegy. We believe that the emergence of digital audio and our expanding global footprint are potent sources of long-term growth. Click Read More below for additional detail.

Fourth Quarter 2022 - Net sales increased 9% to $149.2 billion in the fourth quarter, compared with $137.4 billion in fourth quarter 2021. Excluding the $5.0 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 12% compared with fourth quarter 2021. Operating income decreased to $2.7 billion in the fourth quarter, compared with $3.5 billion in fourth quarter 2021. Fourth quarter 2022 operating income includes approximately $2.7 billion of charges for changes in estimates related to self-insurance liabilities, impairments of property and equipment and operating leases, and estimated severance costs. These charges primarily impacted the North America segment. Net income decreased to $0.3 billion in the fourth quarter, or $0.03 per diluted share, compared with $14.3 billion, or $1.39 per diluted share, in fourth quarter 2021. All share and per share information for comparable prior year periods throughout this release have been retroactively adjusted to reflect the 20-for-1 stock split effected on May 27, 2022. Full Year 2022 - Net sales increased 9% to $514.0 billion in 2022, compared with $469.8 billion in 2021. Excluding the $15.5 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 13% compared with 2021. Operating income decreased to $12.2 billion in 2022, compared with $24.9 billion in 2021. Net loss was $2.7 billion in 2022, or $0.27 per diluted share, compared with net income of $33.4 billion, or $3.24 per diluted share, in 2021.