FedEx Says Preliminary First-Quarter Results Miss Expectations as Macro Trends Worsen
FedEx’s CEO says the company is aggressively accelerating its cost-reduction efforts.
Photo:
Ted S. Warren/Associated Press
FedEx Corp.
FDX -0.07%
said its first-quarter results are below the company’s expectations as global volumes decline and macroeconomic trends worsened.
The company disclosed preliminary first-quarter results on Thursday, in which it said FedEx Express results were curbed by macroeconomic weakness in Asia and service challenges in Europe. That led to a revenue shortfall of about $500 million compared with the company’s forecast.
FedEx Ground revenue was about $300 million below company forecasts.
Chief Executive
Raj Subramaniam
said the company is aggressively accelerating its cost-reduction efforts and looking at other ways to enhance productivity and reduce variable costs.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
FedEx’s CEO says the company is aggressively accelerating its cost-reduction efforts.
Photo:
Ted S. Warren/Associated Press
FedEx Corp.
FDX -0.07%
said its first-quarter results are below the company’s expectations as global volumes decline and macroeconomic trends worsened.
The company disclosed preliminary first-quarter results on Thursday, in which it said FedEx Express results were curbed by macroeconomic weakness in Asia and service challenges in Europe. That led to a revenue shortfall of about $500 million compared with the company’s forecast.
FedEx Ground revenue was about $300 million below company forecasts.
Chief Executive
Raj Subramaniam
said the company is aggressively accelerating its cost-reduction efforts and looking at other ways to enhance productivity and reduce variable costs.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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