In FedEx's Q4 2012 earnings call, the company indicated it believes it can continue to improve earnings, margins, return on invested capital and cash flows in 2013. The company projects 2012 U.S. growth at 2% and at 2.4% for 2013. The company believes U.S. domestic and global economic conditions will be negatively impacted due to the European debt crisis. The company indicated FedEx's business is performing well in spite of the European debt crisis. Additionally, the company expects Asia's growth to slow as well. The company noted headwinds in pension expenses will hamper earnings growth in 2013.
FedEx Doing Well Despite European Crisis - Seeking Alpha