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25 September 2022 The on-line newspaper devoted to the world of transports 07:56 GMT+2

September 23, 2022

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Original news
FedEx Announces Significant Increase in Tariffs Shipments

In the June-August quarter recorded a further attenuation of demand and revenues

Next January 2 the logistics and express delivery group FedEx will increase shipping rates by applying a average rise of +6.9% which will rise to +6.9%-7.9% for the shipment of larger packages. The announcement of the sensitive price increase was announced yesterday on the occasion of the presentation of the results for the first quarter of the year fiscal 2023, period that ended last August 31 and which recorded a further slowdown in the growth of Revenues. Weakening of the increase in turnover that has explained fedex corp. chairman and chief executive officer Raj Subramaniam, is a consequence of the contraction in demand: "We are moving quickly and flexibly - he specified - to navigate in a difficult operating scenario, acting on costs and leveraging on skills and aspects to adapt to the impact of reducing question'.

In the June-August quarter of this year the group's revenues amounted to $23.24 billion, an increase of +5.6% on the same period of fiscal year 2022. More accentuated the increase in costs, which rose by +7.0% to 22.05 billion Dollars. Operating profit and net profit decreased respectively of -14.8% and -21.3% falling to 1.19 billion and 875 millions of dollars.

FedEx confirmed that the consolidated operating result "is was adversely affected by volume weakness overall that has accelerated in the last weeks of the quarter due to weakening economic scenarios. Moreover - the company specified - the results were adversely affected by barriers to FedEx Express services. The increase in revenues, including the increases generated by surcharges for fuel - FedEx specified again - they have more which compensated for the decline in volumes, resulting in an increase in revenues for the quarter'.

Relative to the sharpest cost growth, FedEx confirmed that it had implemented measures to contain them; however the impact of these initiatives was delayed compared to the decline in volumes and operating costs remained high compared to demand.

FedEx Expects that in the second quarter of the current financial year tax revenues will remain stable or will undergo a slight increase revenues of 23.5-24.0 billion dollars are expected compared to 23.47 billion totaled in the period September-November of last year.

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