Key TakeawaysFedEx lowered its revenue and earnings outlook for fiscal 2025.The company's fiscal first-quarter results missed analysts' expectations on the top and bottom lines amid weaker demand for its priority shipping services.FedEx's contract with USPS is also slated to end later this month. FedEx (FDX) shares tumbled in extended trading Thursday after the company missed analysts' estimates with its fiscal first-quarter results and slashed its full-year outlook. The shipping company posted first-quarte ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED August 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO__________ Commission File Number: 1-15829 FedEx Corporation (Exact name of registrant as specified in its charter) Delaware 62-1721435 (State or other jur ...

[Consolidated Financial Performance](index=1&type=section&id=Consolidated%20Financial%20Performance) [Annual Consolidated Statements of Income (FY2023-FY2024)](index=1&type=section&id=Annual%20Consolidated%20Statements%20of%20Income) FedEx Corporation's FY2024 consolidated revenue decreased to **$87,693 million** from **$90,155 million** in FY2023, with net income and EPS declining, while paying **$5.04 per share** in dividends | Metric | FY2023 (million USD) | FY2024 (million USD) | | :-------------------------------- | :---------------- | :---------------- | | **Revenue** | 90,155 | 87,693 | | Federal Express segment | 75,884 | 74,663 | | FedEx Freight segment | 10,084 | 9,429 | | Other and eliminations | 4,187 | 3,601 | | **Total Operating Expenses** | 85,243 | 82,134 | | **Total Operating Income** | 4,912 | 5,559 | | Federal Express segment | 4,193 | 4,819 | | FedEx Freight segment | 1,936 | 1,821 | | Corporate, other, and eliminations | (1,217) | (1,081) | | **Income Before Income Taxes** | 5,363 | 5,836 | | **Net Income** | 3,972 | 4,331 | | **Basic Earnings Per Share** | 15.60 | 17.41 | | **Diluted Earnings Per Share** | 15.48 | 17.21 | | **Dividends Per Common Share** | 4.60 | 5.04 | | Metric | FY2023 | FY2024 | | :--------------- | :----- | :----- | | Operating Margin | 5.4 % | 6.3 % | | Pre-Tax Margin | 5.9 % | 6.7 % | | Return on Assets | 4.6 % | 5.0 % | | Return on Equity | 15.5 % | 16.1 % | - FY2024 financial data includes several special adjustments: **$582 million** in business optimization strategy costs (**$444 million** after-tax, **$1.77** diluted EPS)[6](index=6&type=chunk) - **$157 million** in asset impairment charges (**$120 million** after-tax, **$0.48** diluted EPS), primarily related to the permanent retirement of aircraft and related engines in the Federal Express segment[6](index=6&type=chunk) - **$57 million** in legal matter insurance proceeds (**$44 million** after-tax, **$0.17** diluted EPS)[6](index=6&type=chunk) - **$561 million** in non-cash net benefits (**$426 million** after-tax, **$1.69** diluted EPS) from year-end mark-to-market retirement plan accounting adjustments[6](index=6&type=chunk) - **$54 million** (**$0.21** diluted EPS) related to the remeasurement of state deferred income taxes under the "one FedEx" structure[6](index=6&type=chunk) [Quarterly Consolidated Statements of Income (FY2023-FY2024)](index=3&type=section&id=Quarterly%20Consolidated%20Statements%20of%20Income) The company's FY2024 quarterly performance shows fluctuating total revenue, with **$22,109 million** in Q4, and operating margin reaching **7.0%** in FY2024 Q4, higher than **6.9%** in FY2023 Q4 | Metric | FY2023 Q1 | FY2023 Q2 | FY2023 Q3 | FY2023 Q4 | FY2024 Q1 | FY2024 Q2 | FY2024 Q3 | FY2024 Q4 | | :-------------------------------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | **Total Revenue (million USD)** | 23,242 | 22,814 | 22,169 | 21,930 | 21,681 | 22,165 | 21,738 | 22,109 | | **Total Operating Expenses (million USD)** | 22,051 | 21,638 | 20,427 | 20,196 | 20,889 | 20,495 | 20,554 | 20,554 | | **Total Operating Income (million USD)** | 1,191 | 1,176 | 1,042 | 1,503 | 1,485 | 1,276 | 1,243 | 1,555 | | **Net Income (million USD)** | 875 | 788 | 771 | 1,538 | 1,078 | 900 | 879 | 1,474 | | **Diluted Earnings Per Share** | 3.33 | 3.07 | 3.05 | 6.05 | 4.23 | 3.55 | 3.51 | 5.94 | | **Operating Margin** | 5.1 % | 5.2 % | 4.7 % | 6.9 % | 6.8 % | 5.8 % | 5.7 % | 7.0 % | - FY2024 Q4 includes several special adjustments similar to annual report adjustments, such as business optimization costs (**$218 million**), asset impairment charges (**$157 million**), legal matter insurance proceeds (**$57 million**), non-cash net benefits from retirement plan accounting adjustments (**$561 million**), and state deferred income tax remeasurement (**$54 million**)[8](index=8&type=chunk) [Capital Expenditures (FY2023-FY2024)](index=5&type=section&id=Capital%20Expenditures) FedEx Corporation's total capital expenditures in FY2024 were **$5,176 million**, a decrease from **$6,174 million** in FY2023, primarily invested in aircraft, parcel handling, ground support equipment, and facilities | Capital Expenditure Category | FY2023 (million USD) | FY2024 (million USD) | | :----------------------- | :---------------- | :---------------- | | **By Asset Type** | | | | Aircraft and Related Equipment | 1,684 | 1,627 | | Package Handling and Ground Support Equipment | 1,851 | 974 | | Vehicles and Trailers | 719 | 709 | | Information Technology | 802 | 656 | | Facilities and Other | 1,118 | 1,210 | | **Total** | **6,174** | **5,176** | | **By Segment** | | | | Federal Express segment | 5,480 | 4,591 | | FedEx Freight segment | 557 | 461 | | Other | 137 | 124 | | **Total** | **6,174** | **5,176** | [Federal Express Segment Performance](index=6&type=section&id=Federal%20Express%20Segment%20Performance) [Annual Consolidated Statements of Income (FY2023-FY2024)](index=6&type=section&id=Annual%20Consolidated%20Statements%20of%20Income_Federal%20Express) Federal Express segment revenue in FY2024 was **$74,663 million**, slightly below **$75,884 million** in FY2023, yet operating income and margin improved, indicating cost control and efficiency gains | Metric | FY2023 (million USD) | FY2024 (million USD) | | :-------------------------------- | :---------------- | :---------------- | | **Total Revenue** | 75,884 | 74,663 | | U.S. domestic package revenue | 48,374 | 48,450 | | International export package revenue | 14,245 | 14,107 | | International domestic | 4,552 | 4,659 | | Freight revenue | 7,661 | 6,470 | | Other | 1,052 | 977 | | **Total Operating Expenses** | 71,691 | 69,844 | | **Operating Income** | 4,193 | 4,819 | | **Operating Margin** | 5.5 % | 6.5 % | - FY2024 operating expenses include **$157 million** in asset impairment charges related to the permanent retirement of certain aircraft and engines, and **$251 million** in business optimization costs[10](index=10&type=chunk) [Quarterly Consolidated Statements of Income (FY2023-FY2024)](index=7&type=section&id=Quarterly%20Consolidated%20Statements%20of%20Income_Federal%20Express) Federal Express segment's FY2024 Q4 revenue was **$18,792 million**, with operating income of **$1,305 million** and an operating margin of **6.9%**, while international economic package revenue grew significantly across all FY2024 quarters | Metric | FY2023 Q1 | FY2023 Q2 | FY2023 Q3 | FY2023 Q4 | FY2024 Q1 | FY2024 Q2 | FY2024 Q3 | FY2024 Q4 | | :-------------------------------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | **Total Revenue (million USD)** | 19,184 | 19,157 | 18,919 | 18,624 | 18,426 | 18,773 | 18,672 | 18,792 | | U.S. domestic package revenue | 11,998 | 12,067 | 12,355 | 11,954 | 11,993 | 12,121 | 12,274 | 12,062 | | International export package revenue | 3,705 | 3,634 | 3,357 | 3,549 | 3,444 | 3,573 | 3,424 | 3,666 | | International domestic | 1,160 | 1,166 | 1,128 | 1,152 | 1,140 | 1,213 | 1,139 | 1,167 | | Freight revenue | 2,106 | 2,028 | 1,817 | 1,710 | 1,602 | 1,615 | 1,599 | 1,654 | | Other | 269 | 262 | 262 | 259 | 247 | 251 | 236 | 243 | | **Total Operating Expenses (million USD)** | 18,322 | 18,220 | 17,957 | 17,192 | 17,120 | 17,738 | 17,499 | 17,487 | | **Operating Income (million USD)** | 862 | 937 | 962 | 1,432 | 1,306 | 1,035 | 1,173 | 1,305 | | **Operating Margin** | 4.5 % | 4.9 % | 5.1 % | 7.7 % | 7.1 % | 5.5 % | 6.3 % | 6.9 % | - FY2024 Q4 includes **$157 million** in asset impairment charges and **$102 million** in business optimization costs, with business optimization costs occurring in all quarters[11](index=11&type=chunk) [Annual Operating Statistics (FY2023-FY2024)](index=8&type=section&id=Annual%20Operating%20Statistics_Federal%20Express) Federal Express segment's total average daily package volume (ADV) slightly decreased in FY2024, but international economic package volume saw significant growth, with improved yield for U.S. domestic and international economic packages | Metric | FY2023 | FY2024 | Y-o-Y Growth Rate (FY24) | | :-------------------------------- | :----- | :----- | :---------------- | | **Package Statistics** | | | | | Total U.S. Domestic ADV (thousands) | 13,738 | 13,618 | (0.9 %) | | International Priority ADV (thousands) | 708 | 667 | (5.8 %) | | International Economy ADV (thousands) | 311 | 394 | 26.7 % | | Total International Export ADV (thousands) | 1,019 | 1,061 | 4.1 % | | International Domestic ADV (thousands) | 1,967 | 1,936 | (1.6 %) | | **Total ADV (thousands)** | **16,724** | **16,615** | **(0.7 %)** | | **Yield Per Package** | | | | | U.S. Priority ($) | 24.78 | 24.98 | | | U.S. Deferred ($) | 18.91 | 18.97 | | | U.S. Ground ($) | 11.59 | 11.76 | | | International Priority ($) | 60.61 | 55.36 | | | International Economy ($) | 41.73 | 46.14 | | | **Composite Package Yield ($)** | **15.75** | **15.80** | | | **Freight Statistics** | | | | | Total Average Daily Freight Pounds (thousands) | 24,245 | 21,444 | | | **Composite Freight Yield ($/pound)** | **1.24** | **1.18** | | | **Total Package Revenue Growth Rate** | | 0.1 % | | [Quarterly Operating Statistics (FY2023-FY2024)](index=9&type=section&id=Quarterly%20Operating%20Statistics_Federal%20Express) Federal Express segment's total average daily package volume (ADV) in FY2024 Q4 was **16,034 thousand**, flat year-over-year, with strong year-over-year growth in international economic package volume across all FY2024 quarters | Metric | FY2023 Q1 | FY2023 Q2 | FY2023 Q3 | FY2023 Q4 | FY2024 Q1 | FY2024 Q2 | FY2024 Q3 | FY2024 Q4 | | :-------------------------------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | **Total U.S. Domestic ADV (thousands)** | 13,512 | 14,031 | 14,383 | 13,063 | 13,348 | 14,068 | 14,017 | 13,064 | | **Total International Export ADV (thousands)** | 993 | 1,056 | 1,013 | 1,013 | 1,023 | 1,079 | 1,056 | 1,086 | | **Total ADV (thousands)** | **16,365** | **17,206** | **17,370** | **15,998** | **16,267** | **17,232** | **16,956** | **16,034** | | **International Economy ADV Y-o-Y Growth Rate** | 24.6 % | 26.9 % | 25.9 % | 29.6 % | | | | | | **Total Package Volume Y-o-Y Growth Rate** | (0.6 %) | 0.2 % | (2.4 %) | 0.2 % | | | | | | **Total Package Revenue Y-o-Y Growth Rate** | (1.4 %) | 0.2 % | (0.0 %) | 1.4 % | | | | | [FedEx Freight Segment Performance](index=11&type=section&id=FedEx%20Freight%20Segment%20Performance) [Annual Consolidated Statements of Income (FY2023-FY2024)](index=11&type=section&id=Annual%20Consolidated%20Statements%20of%20Income_FedEx%20Freight) FedEx Freight segment's FY2024 revenue decreased to **$9,429 million** from **$10,084 million** in FY2023, with a slight decline in operating income and operating margin | Metric | FY2023 (million USD) | FY2024 (million USD) | | :---------------- | :---------------- | :---------------- | | **Revenue** | 10,084 | 9,429 | | **Total Operating Expenses** | 8,148 | 7,608 | | **Operating Income** | 1,936 | 1,821 | | **Operating Margin** | 19.2 % | 19.3 % | [Quarterly Consolidated Statements of Income (FY2023-FY2024)](index=12&type=section&id=Quarterly%20Consolidated%20Statements%20of%20Income_FedEx%20Freight) FedEx Freight segment's FY2024 Q4 revenue was **$2,387 million**, with operating income of **$507 million** and a strong operating margin of **21.2%**, despite quarterly fluctuations | Metric | FY2023 Q1 | FY2023 Q2 | FY2023 Q3 | FY2023 Q4 | FY2024 Q1 | FY2024 Q2 | FY2024 Q3 | FY2024 Q4 | | :---------------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | **Revenue (million USD)** | 2,849 | 2,573 | 2,293 | 2,369 | 2,385 | 2,452 | 2,205 | 2,387 | | **Total Operating Expenses (million USD)** | 2,192 | 2,131 | 1,906 | 1,919 | 1,903 | 1,961 | 1,864 | 1,880 | | **Operating Income (million USD)** | 657 | 442 | 387 | 450 | 482 | 491 | 341 | 507 | | **Operating Margin** | 23.1 % | 17.2 % | 16.9 % | 19.0 % | 20.2 % | 20.0 % | 15.5 % | 21.2 % | [Annual Operating Statistics (FY2023-FY2024)](index=13&type=section&id=Annual%20Operating%20Statistics_FedEx%20Freight) FedEx Freight segment's total daily shipments decreased by **5.7%** to **93,987** in FY2024, with a slight decline in revenue per shipment but an increase in revenue per hundredweight | Metric | FY2023 | FY2024 | Y-o-Y Growth Rate (FY24) | | :-------------------------- | :----- | :----- | :---------------- | | **Daily Shipments** | | | | | Priority (shipments) | 70,158 | 64,915 | (7.5 %) | | Economy (shipments) | 29,562 | 29,072 | (1.7 %) | | **Total Daily Shipments (shipments)** | **99,720** | **93,987** | **(5.7 %)** | | **Revenue Per Shipment ($)** | | | | | Priority ($) | 363.85 | 361.38 | (0.7 %) | | Economy ($) | 417.50 | 411.25 | (1.5 %) | | **Composite Revenue Per Shipment ($)** | **379.76** | **376.81** | **(0.8 %)** | | **Revenue Per Hundredweight ($/CWT)** | | | | | Priority ($) | 35.44 | 36.98 | | | Economy ($) | 45.78 | 46.86 | | | **Composite Revenue Per Hundredweight ($/CWT)** | **38.26** | **39.82** | | | **Average Weight Per Shipment (pounds)** | | | | | Priority (pounds) | 1,027 | 977 | | | Economy (pounds) | 912 | 878 | | | **Composite Average Weight Per Shipment (pounds)** | **993** | **946** | | [Quarterly Operating Statistics (FY2023-FY2024)](index=14&type=section&id=Quarterly%20Operating%20Statistics_FedEx%20Freight) FedEx Freight segment's total daily shipments in FY2024 Q4 were **93,080**, a **0.1%** year-over-year increase, with priority revenue per shipment growing by **1.9%** and economy declining by **1.2%** | Metric | FY2023 Q1 | FY2023 Q2 | FY2023 Q3 | FY2023 Q4 | FY2024 Q1 | FY2024 Q2 | FY2024 Q3 | FY2024 Q4 | | :-------------------------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | :-------- | | **Total Daily Shipments (shipments)** | 108,278 | 104,336 | 93,087 | 92,986 | 94,635 | 99,001 | 89,248 | 93,080 | | **Daily Shipments Y-o-Y Growth Rate** | (12.6 %) | (5.1 %) | (4.1 %) | 0.1 % | | | | | | **Composite Revenue Per Shipment ($)** | 385.61 | 377.53 | 381.77 | 373.43 | 369.56 | 381.05 | 379.26 | 377.63 | | **Revenue Per Shipment Y-o-Y Growth Rate** | (4.2 %) | 0.9 % | (0.7 %) | 1.1 % | | | | | | **Composite Revenue Per Hundredweight ($/CWT)** | 37.82 | 37.66 | 39.08 | 38.68 | 38.71 | 40.29 | 40.10 | 40.22 | | **Composite Average Weight Per Shipment (pounds)** | 1,020 | 1,002 | 977 | 966 | 955 | 946 | 946 | 939 | [Appendix](index=15&type=section&id=Appendix) [General Comments](index=15&type=section&id=General%20Comments) The appendix provides general comments on other operating expenses, return on assets, and return on equity calculation methodologies - Other operating expenses include costs related to external service contracts (e.g., facility services, cargo handling, temporary labor, and security), insurance, professional fees, and uniforms[30](index=30&type=chunk) - Return on assets and return on equity are both calculated on a rolling four-quarter basis[30](index=30&type=chunk) [Segmentations/Restatements](index=15&type=section&id=Segmentations%2FRestatements) FedEx announced the 'one FedEx' integration plan in FY23 Q4, merging FedEx Ground and FedEx Services into Federal Express for a unified air-ground network, with FedEx Freight remaining independent and FedEx Custom Critical joining FedEx Freight from FY25 Q1 - The 'one FedEx' integration plan merges FedEx Ground and FedEx Services into Federal Express, forming a unified air-ground express network[30](index=30&type=chunk) - FedEx Freight will continue to operate as an independent subsidiary providing less-than-truckload freight services[30](index=30&type=chunk) - Effective FY25 Q1, Federal Express and FedEx Freight will be the primary reporting segments, with FedEx Custom Critical transferring from Federal Express to FedEx Freight[30](index=30&type=chunk) [Business Optimization and Realignment Costs](index=15&type=section&id=Business%20Optimization%20and%20Realignment%20Costs) FY2023 included **$273 million** in business optimization costs and **$36 million** in business realignment costs, primarily related to European workforce reduction plans - FY2023 business optimization costs totaled **$273 million** (**$209 million** after-tax, **$0.81** diluted EPS)[31](index=31&type=chunk) - FY2023 business realignment costs totaled **$36 million** (**$27 million** after-tax, **$0.11** diluted EPS), related to the 2021 announced European workforce reduction plan[31](index=31&type=chunk) [Goodwill and Other Asset Impairment Charges](index=15&type=section&id=Goodwill%20and%20Other%20Asset%20Impairment%20Charges) FY2023 included **$70 million** in Federal Express segment asset impairment charges related to aircraft retirement and **$47 million** in FedEx Dataworks goodwill and other asset impairment charges related to the ShopRunner, Inc. acquisition - FY2023 Federal Express segment asset impairment charges were **$70 million** (**$54 million** after-tax, **$0.21** diluted EPS), related to the decision to permanently retire aircraft and related engines[32](index=32&type=chunk) - FY2023 FedEx Dataworks segment goodwill and other asset impairment charges were **$47 million** (**$44 million** after-tax, **$0.17** diluted EPS), related to the acquisition of ShopRunner, Inc[32](index=32&type=chunk) [Legal Matters](index=15&type=section&id=Legal%20Matters) FY2023 annual consolidated other operating expenses included **$35 million** in costs related to legal matters - FY2023 annual consolidated other operating expenses included **$35 million** (**$26 million** after-tax, **$0.10** diluted EPS) in costs related to legal matters, recorded in 'Corporate, other, and eliminations'[33](index=33&type=chunk) [Mark-to-Market Retirement Plans Accounting Adjustments](index=15&type=section&id=Mark-to-Market%20Retirement%20Plans%20Accounting%20Adjustments) FY2023 annual consolidated other retirement plan income included approximately **$650 million** in pre-tax non-cash benefits from mark-to-market retirement plan accounting adjustments - FY2023 annual consolidated other retirement plan income included approximately **$650 million** (**$493 million** after-tax, **$1.92** diluted EPS) in pre-tax non-cash benefits from mark-to-market retirement plan accounting adjustments[33](index=33&type=chunk)

FedEx Corporation FDX will release earnings results for its first quarter, after the closing bell on Thursday, Sept. 19.Analysts expect the company to report quarterly earnings at $4.83 per share, up from $4.55 per share in the year-ago period. The company projects to report revenue of $21.99 billion for the quarter, according to data from Benzinga Pro.On Sept. 6, the Equal Employment Opportunity Commission (EEOC) sued FedEx, saying the global shipping and logistics company violated federal law by discrimin ...

A FedEx Express plane prepares for landing at the Beijing Capital International airport in Beijing ... [+] on September 6, 2024. (Photo by ADEK BERRY / AFP) (Photo by ADEK BERRY/AFP via Getty Images)AFP via Getty ImagesFedEx (NYSE: FDX) is scheduled to report its fiscal Q1 2025 results on Thursday, September 19 (FedEx’s fiscal year ends in May). We expect the company to post an upbeat quarter, driven by an overall improvement in volumes. Furthermore, its cost reduction actions are expected to bolster its bo ...

FedEx Corporation FDX is scheduled to release earnings results for its first quarter, after the closing bell on Thursday.Analysts expect the company to report quarterly earnings at $4.83 per share, up from $4.55 per share in the year-ago period. The company projects to report revenue of $21.99 billion for the quarter, according to data from Benzinga Pro.On Sept. 6, the Equal Employment Opportunity Commission (EEOC) sued FedEx, saying the global shipping and logistics company violated federal law by discrimi ...

-Oxford- Many articles have been written on FedEx (NYSE:FDX) both on this blog and over on Seeking Alpha over the years. As an industrial component who, along with UPS (UPS), carries and delivers the equivalent of about 3% of US GDP (that's a stat from the early 2000s and if it has changed, has probably only grown), FedEx remains integral to US business, particularly e-commerce. Several recent events have coincided to be a potential catalyst for FedEx stock, hopefully pushing the stock above and beyond ...

Wall Street analysts expect FedEx (FDX) to post quarterly earnings of $4.87 per share in its upcoming report, which indicates a year-over-year increase of 7%. Revenues are expected to be $22.12 billion, up 2% from the year-ago quarter.The current level reflects a downward revision of 0.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Prior to a company's earni ...

For Immediate ReleasesChicago, IL – September 16, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: FedEx Corp. (FDX) , United Parcel Service (UPS) and Air Transport Services (ATSG) .Here are highlights from Monday’s Analyst Blog: Play FedEx Stock Ahead of Q1 Earnings?FedEx Corp. is set to release its first-quarter ...

Analyst Estimates for Q1 2025Q4 2024Q1 2024Revenue$21.96 billion$22.11 billion$21.68 billionDiluted EPS$4.73$5.94$4.23Net Income$1.16 billion$1.47 billion$1.08 billion Key Metric: Full-Year Outlook In its fourth-quarter report in June, FedEx introduced its projections for fiscal 2025. It guided low- to mid-single-digit revenue growth, while analysts expect growth of just over 2% from last year's $87.69 billion. The company also saw earnings per share (EPS) between $18.25 and $20.25, 6% to 18% better than ...