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FedEx Corp. bummed out the stock market Wednesday by posting an $876 million quarterly loss. Overshadowed by the perception of the shipping giant's results as an economic indicator was more bad news about the company's FedEx Office unit, the twice-rebranded Kinko's Inc., which FedEx bought for $2.4 billion in 2004.
Not that Kinko's is a complete flop. An analyst quoted in the Dow Jones piece said the retail outlets bring in $1 billion in high-margin revenue for FedEx.
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| | FedEx Falls After Profit Forecast Trails Estimates | | | FedEx Falls After Profit Forecast Trails Estimates - Bloomberg
FedEx Corp. fell in New York trading after the second-largest U.S. package-shipping company forecast a quarterly profit that trailed analysts’ estimates amid an “extremely difficult” economy.
FedEx faces the “most difficult economic conditions in our company’s history,” said Chief Executive Officer Fred Smith, who founded the company 36 years ago. Still, he told analysts on a conference call that “the worst of the recession is likely behind us.”
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| | Discuss: FedEx Looks to Deliver -- to Senators | | | FedEx Looks to Deliver -- to Senators - The Street
An edgy FedEx media campaign, opposing a change in the company's labor classification, may outrage some people and amuse others, but the truth is it barely matters what the public thinks.
The campaign is aimed at the 100 members of the U.S. Senate, who are about to consider legislation that would alter the classification, potentially making it easier for unions to organize.
In last-minute maneuvering in 1996, the Senate agreed, despite fierce opposition, to codify FedEx's designation as a Railway Labor Act company, which makes labor organizing more difficult. Now FedEx again needs the Senate's help.
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| | Discuss: The Arrogance of Fed Ex | | | The Arrogance of FedEx - Huffington Post
FedEx CEO Fred Smith is always full of surprises. First, he threatened to pull his Boeing contract if Congress passes a provision of the Federal Aviation Administration reauthorization that would place FedEx workers under the NLRA, the statute that protects virtually all other private sector workers. Now his top flack is threatening to "destroy" members of Congress who support FedEx workers over FedEx management.
When asked about FedEx's multi-million dollar ad campaign against the legislation that is reported to launch on Tuesday, June 9, top FedEx flack Maury Lane told U.S. News and World Report in a story posted in The White House Bulletin, "I'm going to try to destroy them."
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| | Discuss: Not Cool, Fed Ex | | | Not Cool, FedEx - Motley Fool
Call me a cynic, but I wonder: If FedEx had suddenly discovered $1 billion in windfall profits -- from, I dunno, finding an unclaimed cargo-hold full of gold bullion in one of its airplanes -- would it have kept the news to itself, or shouted it from the rooftops?
And if it's the latter -- as I strongly suspect it would be -- then I also wonder: When FedEx actually discovered that it was going to have to write down its assets by $1.2 billion this quarter, why did I find out about it in a quietly tucked -away SEC filing rather than in a press release?
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| | Discuss: FedEx to take Q4 $900mln charge as recession bites | | | FedEx to take Q4 $900mln charge as recession bites - Reuters
FedEx Corp said on Wednesday that it would record a fourth-quarter impairment charge of $900 million related to two acquisitions that have been hit by weak economic conditions.
The majority of the charge is related to Kinko's, which FedEx bought in 2004 and has been seen as a disappointment by the package delivery giant.
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The ultimate measure of a man, is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.|Martin Luther King Jr.
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