Air, Business, Express, Forwarding, Freight News

FedExprofits fall away

[ September 22, 2021   //   ]

FedEx Corporation said its operating results for the first quarter ended August 31 were negatively affected by an estimated $450 million year over year increase in costs due to a constrained labor market and availability, despite an increase in revenue from $19.3 billion to $22bn. The higher costs were only partially offset by higher package and freight yields, increased international export express shipments and lower net fuel prices.

In addition, while commercial ground and US domestic express package volume increased year over year, continued supply chain disruptions have slowed domestic parcel demand compared to the company’s earlier forecast.