FedEx Corp. Reports Third Quarter Results

FedEx Corp. today reported the following consolidated results for the third quarter ended February 28.

“I am proud of the FedEx team, who delivered outstanding service to customers during our peak season while also making solid progress on our transformation initiatives,” said Raj Subramaniam, FedEx Corp. president and chief executive officer. “We’ve continued to move with urgency to improve efficiency, and our cost actions are taking hold, driving an improved outlook for the current fiscal year.”

Third quarter results were negatively affected by continued demand weakness, particularly at FedEx Express. In addition, operating income was negatively affected by the effects of global inflation, partially offset by U.S. domestic yield improvement and cost-reduction actions.

FedEx Ground operating results improved, primarily due to an 11% increase in revenue per package and cost-reduction actions. These factors were partially offset by lower package volume, higher infrastructure costs and increased other operating expenses.

FedEx Freight operating results improved, driven by an 11% increase in revenue per shipment and a gain on the sale of a facility, partially offset by decreased shipments.

FedEx Express operating results declined due to lower global volumes, partially offset by a 3% increase in revenue per package. FedEx Express continues to implement volume-related and structural cost-reduction actions to mitigate the negative effect of ongoing demand weakness.
details at: http://investors.fedex.com/news-and-events/investor-news/investor-news-details/2023/FedEx-Corp.-Reports-Third-Quarter-Results/default.aspx

Related Posts

Book Biz Closes Out an Unexpected 2020 (publishersweekly.com)

Last week Penguin Random House reported that it had a 23.3% increase in profits in 2020 over 2019 on a 4.6% gain in revenue, capping a remarkable year for America’s five biggest trade publishers that report financial results. Despite the disruptions caused by the pandemic, all five had annual increases in both earnings and sales. Higher sales of e-books and digital audiobooks and solid gains of backlist titles helped drive the revenue and profit gains. Online sales also rose in the year, offsetting soft sales through bookstores due to pandemic-induced lockdowns. According to PRH parent company Bertelsmann, PRH US had a particularly good year and drove the overall gains for the publisher. PRH US accounted for just over 58% of PRH’s total revenue, or roughly $2.59 billion. In 2019, the U.S. represented 56% of PRH revenue (about $2.2 billion).

Pearson’s 2020 Full Year Results

In 2020, sales decreased by £472m in headline terms to £3,397m (2019: £3,869m) with underlying performance reducing sales by £386m, portfolio changes reducing sales by £55m and currency movements decreasing revenue by £31m. Stripping out the impact of portfolio and currency movements, revenue was down 10% in underlying terms. Our statutory operating profit was £411m in 2020 compared to a profit of £275m in 2019. The increase in 2020 is largely due to the gain on sale of PRH and the reduction in restructuring costs, which were more than enough to offset the impact of COVID-19 and portfolio changes on trading profits. Net debt to adjusted EBITDA was 0.8x (2019: 1.3x). Net debt reduced from £1,016m in 2019 to £463m at the end of 2020. Excluding leases, net debt reduced from £374m in 2019 to net cash of £159m in 2020.

Meredith Brands PEOPLE, Allrecipes And Better Homes & Gardens Rank No. 1, No. 2 And No. 7 Of Top 10 Largest Magazine Audiences Across Platforms

Meredith Corporation's category-leading brands—PEOPLE, Allrecipes, Better Homes & Gardens, SHAPE, Southern Living, Entertainment Weekly, FOOD & WINE and Travel + Leisure—have achieved momentous performances in audience rankings, according to the latest Magazine Media 360° Brand Audience Report produced by the Alliance for Audited Media (AAM) for June 2020, which covers 93 magazine brands and 21 publishing companies. PEOPLE, one of the world's leading entertainment media brands, ranks No. 1 in Total Brand Audience across platforms with 87.6 million, followed by Allrecipes, America's largest digital food media brand, at No. 2 with 62.5 million and Better Homes & Gardens at No. 7 with 39.4 million.
Back To Top
×Close search
Search