FedEx says expects pension headwind in FY24

Sees FY24 capital spending $5.7B. Says volumes declined with demand remaining soft across the market in Q4. Says global flight hours down 12% in Q4. Says made progress in implementing structural cost savings initiatives besides flights. Says to close and consolidate 29 Freight locations by August. Says conducted another round of furloughs and is limiting hiring of salaried employees in Freight. Says all FedEx Ground operations and personnel in Canada will transition to Federal Express Canada starting in April 2024. Comments taken from Q4 earnings conference call.