Summary
This filing is an amendment (10-K/A) to FedEx Corporation's Annual Report for the fiscal year ended May 31, 2019. The primary purpose of this amendment is to disclose information related to international trade sanctions compliance, specifically concerning shipments facilitated by P2P Mailing Limited, a company acquired by FedEx. While the original 10-K was filed on July 16, 2019, this amendment adds disclosure required by Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 and Section 13(r) of the Exchange Act. FedEx disclosed that P2P Mailing Limited, from its acquisition in March 2018 through early February 2019, facilitated a limited number of shipments into Iran. These shipments, primarily consumer goods, generated approximately £16,067 ($19,500) in gross revenue and £5,083 ($6,200) in profit. The company has since implemented enhanced controls and procedures to prevent such shipments, and the Office of Foreign Assets Control (OFAC) has closed its investigation into the matter. No other financial or operational information from the original 10-K is updated by this amendment.
Financial Highlights
50 data points| Revenue | $69.69B |
| Cost of Revenue | $16.65B |
| Gross Profit | $53.04B |
| Operating Expenses | $65.23B |
| Operating Income | $4.47B |
| Interest Expense | $588.00M |
| Net Income | $540.00M |
| EPS (Basic) | $2.06 |
| EPS (Diluted) | $2.03 |
| Shares Outstanding (Basic) | 262.00M |
| Shares Outstanding (Diluted) | 265.00M |
Key Highlights
- 1This filing is an amendment to the previously filed 2019 10-K, solely to address international trade sanctions compliance.
- 2The amendment details shipments to Iran facilitated by P2P Mailing Limited, an acquired UK-based subsidiary, between March 2018 and February 2019.
- 3These shipments generated minimal revenue (£16,067) and profit (£5,083) for FedEx.
- 4FedEx has implemented corrective actions, including enhanced controls, to prevent future sanction violations via P2P Mailing Limited.
- 5The U.S. Office of Foreign Assets Control (OFAC) has concluded its investigation into this matter without further action.
- 6No other financial or operational disclosures from the original 10-K are affected or updated by this amendment.