U.S. domestic express package volume at FedEx Express is expected to decline 4.4 percent compared to year-earlier volumes, well below the FedEx's forecast of a 1 to 2-percent decline.
FedEx International Priority volume grew 5 percent and FedEx Ground grew 6 percent, compared to forecasts of 5 to 7 percent for each.
'Economic conditions have deteriorated more than we anticipated, which is adversely impacting our volumes,' said Alan B. Graf Jr., executive vice president and chief financial officer for Memphis-based FedEx. 'If these volume trends continue, we think it is unlikely that we will hit our prior earnings forecast of 85 to 90 cents per share for the fourth quarter.'
Graf added that FedEx is 'encouraged' by FedEx Ground's March performance, 'as well as the market's growing acceptance of FedEx Home Delivery.'
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now