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TRUCKING INDUSTRY NEWS * USA - FedEx: Still Waiting for an Economic Recovery
"If the economy does well, FedEx will do well," - The delivery giant's disappointing fourth-quarter results and cautious outlook suggest that a U.S. economic upturn may be delayed
New York,NY,USA -Business Week, by Ben Steverman -June 17, 2009: -- Many investors and economists are betting that an end to the recession is on its way. But the latest results from FedEx pose a grim question: What if economic recovery gets lost in transit?... Shipping firms—especially giants such as FedEx and archrival United Parcel Service (UPS)—are closely watched because the strength of their businesses serves as a useful gauge of activity in the broader economy... In its fourth quarter ending May 31, FedEx's revenues fell 20%. The shipping giant posted a loss of $876 million, or $2.82 per share. Without one-time accounting adjustments, the company posted earnings of 64¢ per share, down from $1.45 a year ago... FedEx chairman and Chief Executive, Fred Smith, said the company he founded has faced "the most difficult conditions in our company's history and in fact the most difficult economic conditions that the modern world has seen since the end of World War II."... FedEx's results are the latest evidence that while economists and investors hope for the best, the economy remains on a rough and rocky road... "If the economy does well, FedEx will do well," says Bernie McGinn, president of investment manager McGinn, McKean & O'Neill, which owns FedEx shares... (Photo from farm3.static.flickr)
Labels: trucking industry news USA
posted by Unknown @ 10:27 AM
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