Kategorien
Higher revenues, lower profits for FedEx
Photo: FedEx
FedEx has reported its consolidated results for the first quarter, ending on 31 August, which were affected by disruptive impacts on global supply chains and a lack of labour.
Revenues grew by 14% compared to Q1 last year, and came to USD 22 billion; operating income fell by 11.9% to USD 1.4 billion. Net income declined by around the same amount – 11.2% to USD 1.11 billion.
The quarter saw extra costs, estimated at USD 450 million, compared to the same period last year, arising from a constrained HR market worldwide.
This effect was only partially offset by higher parcels and freight yields, increased international express export shipments and a better price of fuel. In addition, supply chain disruptions slowed US domestic parcels demand, compared to FedEx’s forecast for the year. (sh)