LOS ANGELES: FedEx raised the lower end of its full-year profit forecast on Wednesday (Sept 20) after a cost-cutting quarter when it poached customers...
LOS ANGELES:
The global delivery firm reported fiscal first-quarter adjusted earnings of US$4.55 per share, blowing past Wall Street expectations of US$3.73 per share, according to LSEG data. Memphis, Tennessee-based FedEx also took advantage of the demise of Yellow, a dominant player in the less-than-truckload trucking sector in which FedEx Freight is a major player. FedEx said it added about 5,000 average daily shipments after the bankruptcy. Nevertheless, the Freight unit’s operating income fell 26% during the quarter.
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