FedEx Reports First Quarter Results

First quarter results were negatively affected by a mix shift, which reduced demand for priority services, increased demand for deferred services, and constrained yield growth. In addition, higher operating expenses and one fewer operating day negatively affected the quarter’s results. A reduction of structural costs from the company’s DRIVE program initiatives partially offset these factors.

“Despite a challenging quarter, we remain focused on transforming our network, improving our efficiency, lowering our cost-to-serve, and enhancing our ability to adapt with speed to evolving market dynamics,” said Raj Subramaniam, FedEx Corp. president and chief executive officer. “Overall, I remain confident in the value-creation opportunities ahead as we focus on reducing our structural cost, growing revenue profitably, and leveraging the insights from our vast collection of data as we continue to build the world’s most flexible, efficient and intelligent network.”
details at: https://investors.fedex.com/news-and-events/investor-news/investor-news-details/2024/FedEx-Reports-First-Quarter-Diluted-EPS-of-3.21-and-Adjusted-Diluted-EPS-of-3.60/default.aspx

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