First off, the global economic woes remain a hurdle for every company with international operations, and FedEx is no exception. Secondly, integrating systems and operations of newly acquired companies takes time, and money. Just as fiscal Q4's $134 million aircraft impairment charge affected FedEx earnings, don't be surprised to see similar one-time charges in Q1 related to the buyouts. Internally, managing expenses is a recurring theme for FedEx CEO Fred Smith, and it has been for some time now. But the recent acquisitions are only one reason significantly minimizing overhead won't happen in the immediate future. As CFO Alan Graf put it last quarter: "[W]e face certain cost increases in fiscal 2013. These headwinds include higher employee-related costs, including higher pension expenses of approximately $150 million." How does FedEx stack up? By most financial measures, FedEx handily beats industry leader UPS ( NYS: UPS ) in terms of investor value.