FedEx reports 4Q profit that beats expectations For its fiscal fourth quarter, FedEx reported adjusted earnings per share of $5.91, compared with $4.19 a year earlier. Analysts had predicted $5.69. Adjusted revenue was $17.3 billion, compared with analysts’ expectations of $17.2 billion. (Transport Topics)
FedEx Suit FedEx has sued the Commerce Department, arguing that it should not be obliged to enforce the Trump administration's crackdown on Huawei. The logistics giants says it effectively has to police millions of packages each day to make sure contraband supplies aren't making their way to the Chinese telecoms manufacturer. Huawei recently criticized FedEx for blocking the delivery of a review phone to British journalists. Wall Street Journal
FedEx Outlook FedEx expects a 16%-29% fall in EPS during the current fiscal year, thanks to the costs of expansion, the general economic malaise, and a drop in revenue associated with its cutting of ties with Amazon. FedEx's fiscal first-quarter profits were down 11%, with its Express unit showing particular weakness. Its shares fell 10% on the results. Fortune
Amazon v. Fedex Amazon has for a while shunned FedEx for its own U.S. deliveries, but now it's also banned third-party sellers from using FedEx's ground delivery service for Prime deliveries. Amazon says the ban will remain in place until FedEx's delivery performance improves. FedEx says it "limits the options for those small businesses on some of the highest shipping days in history." Wall Street Journal
FedEx slashes CEO's salary, draws $1.5 billion from credit line Reuters•April 3, 2020 SFrederick Smith listens at a news conference in Washington (Reuters) - FedEx Corp <FDX.N> said on Friday it would slash its chief executive officer's pay and draw down $1.5 billion from a credit facility as delivery services take a hit from coronavirus-led lockdowns across the globe. The company, which also suspended its financial outlook, said its board had approved a 91% reduction in CEO Frederick Smith's base salary for six-month period from April 1 to Sept. 30.