In FY13, we took aggressive action to boost future profitability and better align our global networks with customer demand in a sluggish world economy. I am pleased to say the profit improvement programs we announced in October 2012 are on track and ahead of schedule in many areas.
Thanks to a boost from e-commerce, FedEx Ground posted another stellar year with industry-leading margins. Revenue share has now increased for 54 consecutive quarters — an outstanding performance driven by superior service that’s faster to more locations than any other ground service. The FedEx Ground outlook is excellent as revenues are expected to continue to increase in FY14, led by volume growth across all our major services. We will continue to expand our capacity to keep up with the demand for our ground services and the growing popularity of online shopping.FedEx Freight made solid progress in FY13 following its return to profit in FY12. Revenues increased due to higher yield and average daily shipments.
FedEx Chairman
