FedEx Corp. Reports First Quarter Results
Retrieved on:
Thursday, September 22, 2022
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First quarter consolidated operating results were adversely impacted by global volume softness that accelerated in the final weeks of the quarter due to weakening economic conditions.
Key Points:
- First quarter consolidated operating results were adversely impacted by global volume softness that accelerated in the final weeks of the quarter due to weakening economic conditions.
- FedEx Ground operating income increased 3% primarily due to yield management actions, including higher fuel surcharges, and growth in FedEx Home Delivery.
- Effective January 2, 2023, FedEx Express, FedEx Ground, and FedEx Home Delivery rates will increase by an average of 6.9%.
- The company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP or reported).