MEMPHIS, Tenn., October 4, 2022...FedEx Corp. today announced that it has entered into an accelerated share repurchase agreement (“ASR”) with Morgan Stanley & Co. LLC (“Morgan Stanley”) as part of the company’s previously announced share repurchase program. Under the terms of the ASR, FedEx has agreed to repurchase an aggregate of $1.5 billion of its common stock from Morgan Stanley, with an initial delivery of approximately 7.9 million shares based on current market prices. The final number of shares to be repurchased under the ASR will be based on a discount to the average of the daily volume-weighted average stock prices for Rule 10b-18 eligible transactions in FedEx’s common stock during the term of the ASR. Purchases under the ASR are expected to be completed prior to the end of FedEx’s current fiscal year. FedEx may continue to repurchase shares in the open market from time to time subject to market and other conditions.
Corporate Overview
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $95 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively and innovating digitally under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its nearly 550,000 employees to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.
Certain statements in this press release may be considered forward-looking statements, such as statements relating to management’s views with respect to future events and financial performance and underlying assumptions. Forward-looking statements include those preceded by, followed by or that include the words “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “plans,” “estimates,” “targets,” “projects,” “intends” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, constraints, volatility, or disruptions in the capital markets or other factors affecting the amount and timing of share repurchases, including our ability to complete the ASR within the expected timeframe, the number of shares that will be delivered to FedEx under the ASR, whether or not FedEx will continue, and the timing of, any open market share repurchases, and other factors which can be found in FedEx Corp.’s press releases and filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. FedEx does not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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Source: FedEx Corp.