From the earnings report yesterday. “Operating results increased due to volume growth in FedEx international priority and US domestic residential package services, yield improvement at Ground & Freight, and one additional operations weekday. These factors partially offset by costs to support strong demand and to expand services, variable compensation expenses (WTF), and COViD-19 related costs incurred to ensure the safety of FedEx team members & customers”...... So too much business was costing us money, sorry everyone about the 2%... we did TOO GOOD. Way too good. Record volume is just hurting us too much. Oh ya and we spent your step raise on masks. Be safe.
Too much business SORRY
- Thread starter Aquaman
- Start date
No one is happy about the 2 % . I actually put the blame on the possibility that Biden may become the next President. He has already said he will eliminate the corporate tax cut and most likely increase it even higher. All businesses pass their extra tax payments to higher prices for the customer and less benefits and lower wages for the employees
The corporate tax rate was cut from 35% to 21% . Throw in the tax credits carryovers and accelerated depreciation and they by and large end up paying little to nothing now. Remember how they promised to create jobs and expand operations? All they did with the savings was buy back stock, take it off the books and in doing so increased the value of the remaining shares. As a result wage increases were minimal.
falcon back
Well-Known Member
What about the hundreds of millions they are spending on the Mem hub? You didnt come across that while looking for your next discovery?
The election definitely plays a role. But let’s be honest, with this volume they’re seeing... they could have given us 2 steps this year. To pretend like record volume is offsetting profit is insane. And even if it was partially true, RAISE THE PRICE OF YOUR SERVICE!! The step plan is gone. If they can’t afford it this year, they’ll never be able to afford it again. The real answer is they’re seeing unfathomable business from this pandemic, and they want to keep that money for a rainy day.
falcon back
Well-Known Member
Prices and surcharge increases have already been announced
Working4the1%
Well-Known Member
10 step will never go away. It will go on and on and on. Trickle down Republican economics not working out so well for the %99. It’s called income inequality and BYEDON will move economy in the right direction for the working class
falcon back
Well-Known Member
He has ran for president so many times, he has got to win eventually. Maybe Obama will endorse him this election. He endorsed the woman that ran last time. Must have been a shock that Obama didn't even endorse his Vice President
El Morado Diablo
Well-Known Member
Our Sr Mgr went to great lengths explaining to us that Amazon, FedEx Ground, UPS and USPS were overloaded and FedEx Express was the only player in the game with additional capacity. Then goes on to say everything we are taking on is low yield residential deliveries so we should be grateful that we are getting a 2% raise.
If Express was in such an envious position why would they accept these shipments? Anyone with half a brain would charge these shippers more if you know they can't get anyone else to deliver their shipments.
If Express was in such an envious position why would they accept these shipments? Anyone with half a brain would charge these shippers more if you know they can't get anyone else to deliver their shipments.
Being the corporate apologist and human testicle sanitizer that you are , your response is entirely in keeping with what we've come to .expect.
AB831
Well-Known Member
How can I spend that?
Operational needs
Virescit Vulnere Virtus
I’m not sure how that additional capacity could get delivered seeing as how many, many stations are short trucks and equipment. My station is hiring like crazy yet we don’t have enough trucks for the routes we have now, much less for the new bodies.
Costs to endure our safety, laughable. It was months before they gave us sanitizer and masks. At our station anyway. Less than 300 bucks spent on this.
falcon back
Well-Known Member
Considering you posted that the company promised to "create jobs and expand operations". That is exactly what they are doing spending hundreds of millions of $ in capital expenditures. I know facts scare you so we can always expect you to ignore things that are there for everyone to see. Could you explain to us again how the part time employees no longer have benefits? You claimed that a while back and insisted the company had taken away benefits from part timers. Can you elaborate?
I don’t understand how they can play this low yield residential garbage. Have you ever shipped express? It’s not cheap. Everyone shipping resi uses ground. We are not “low yield” anything. Fuel is record low, volume is record high, staff is underpaid, and we are expensive. You can’t rely on bulk business shippers. We’re the express airline branch. Businesses are rarely going to bulk ship express. Residentials are GOING to increase. So raise the cost to ship with us. Duh! Which they will do. But they are never quick to react. They have to pretend like it hurts us first then they’ll increase prices. They’ve perfected the quarterly earnings release. Pump up the stock holders with record earnings. Literally the BEST quarter the company has ever had. But throw a couple excuses in there for the senior managers to feed their employees. Not getting a step raise this year, after all this COViD “heroes work here” BS... has me looking for another job. The best quarter the company has ever had. And we’re not getting the raise we’re supposed to get. If that’s not a blatant slap in the face idk what is. If you can’t tell I’m furious lol. This company is so shady it’s honesty demoralizing.
Cactus
Just telling it like it is
So what good is that when the wages are subpar and they can't keep good help?
59 Dano
I just want to make friends!
Because the average resi delivery costs more to service than the average business delivery.
MAKAVELI
Well-Known Member
And yet they made 1.28 $ billion last quarter. Keep trying to push that Kool-Aid bro. Nobody buys it anyway.
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