FedEx Corporation (NYSE:FDX) Q1 2025 Earnings Conference Call September 19, 2024 5:30 PM ET

Company Participants

Jeni Hollander - VP of IR
Raj Subramaniam - President and CEO
Brie Carere - EVP and Chief Customer Officer
John Dietrich - EVP and CFO

Conference Call Participants

Brian Ossenbeck - JPMorgan
Jordan Alliger - Goldman Sachs
Jonathan Chappell - Evercore
Tom Wadewitz - UBS
Daniel Imbro - Stephens
Chris Wetherbee - Wells Fargo
Stephanie Moore - Jefferies
Brandon Oglenski - Barclays
Jason Seidl - TD Cowen
Scott Group - Wolfe Research
David Vernon - Bernstein
Bruce Chan - Stifel
Ken Hoexter - Bank of America

Operator

Good day, and welcome to the FedEx Fiscal Year 2025 First Quarter Earnings Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Jeni Hollander, Vice President of Investor Relations. Please go ahead.

Jeni Hollander

Good afternoon, and welcome to FedEx Corporation's first quarter earnings conference call. The first quarter earnings release, Form 10-Q and stat book are available on our website at investors.fedex.com. This call and the accompanying slides are being streamed from our website, where the replay and slides will be available for about one year. During our Q&A session, callers will be limited to one question to allow us to accommodate all those who would like to participate.

Certain statements in this conference call may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information on these factors, please refer to our press releases and filings with the SEC.

Today's presentation also includes certain non-GAAP financial measures. Please refer to the Investor Relations portion of our website at fedex.com for a reconciliation of the non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures.

Joining us on the call today are Raj Subramaniam, President and CEO; Brie Carere, Executive Vice President and Chief Customer Officer; and John Dietrich, Executive Vice President and CFO.

Now, I will turn the call over to Raj.

Raj Subramaniam

Thank you, Jeni, and good afternoon.

Our results reflect a challenging Q1 demand environment which was weaker than we expected, particularly in the U.S. domestic package market. Looking at our performance on a year-over-year basis, there are several factors at play. Weakness in the industrial economy pressured our B2B volumes, particularly in the U.S.