FedEx Overseas Demand Has Smallest Decline in a Year - Bloomberg
FedEx Corp. reported its smallest drop in international shipments in a year and said those deliveries will increase this quarter, signaling that the worst of the recession may have ended.
Revenue at the second-largest U.S. package-shipping company slid 20 percent to $8.01 billion, trailing the $8.23 billion average estimate of 9 projections compiled by Bloomberg. Net income for the three months ended Aug. 31 was $181 million, or 58 cents a share, the Memphis, Tennessee-based company said.
A 4 percent decline in overseas priority deliveries, the smallest slide in four quarters, reflects returning global demand. FedEx has cut jobs and suspended matching contributions to employees’ 401(k) retirement accounts in the recession to lower costs by $3 billion, half of which will be permanent.
FedEx Corp. reported its smallest drop in international shipments in a year and said those deliveries will increase this quarter, signaling that the worst of the recession may have ended.
Revenue at the second-largest U.S. package-shipping company slid 20 percent to $8.01 billion, trailing the $8.23 billion average estimate of 9 projections compiled by Bloomberg. Net income for the three months ended Aug. 31 was $181 million, or 58 cents a share, the Memphis, Tennessee-based company said.
A 4 percent decline in overseas priority deliveries, the smallest slide in four quarters, reflects returning global demand. FedEx has cut jobs and suspended matching contributions to employees’ 401(k) retirement accounts in the recession to lower costs by $3 billion, half of which will be permanent.
