FedEx Corp.

FedEx warns of higher costs under trucker rest break waivers

WASHINGTON — FedEx Corp. predicts higher costs on its linehaul and delivery routes as well as those of rivals if the Biden administration approves waivers governing truck driver meal and rest breaks in California and Washington.

In comments filed with the Federal Motor Carrier Safety Administration, FedEx (NYSE: FDX) asserted that if the FMCSA were to waive its preemption over the two states’ meal and rest break (MRB) laws — which would make interstate carriers subject to the stricter state...

https://www.freightwaves.com/news/fedex-warns-of-higher-costs-under-trucker-rest-break-waivers

FedEx hopes new color-coded air network will shore up profits

FedEx Corp. announced Tuesday evening a restructuring of its FedEx Express international air network in an effort to boost its largest unit’s sagging profits amid continued macro weakness.

The tri-color initiative, as the name implies, will divide the network into three colors: Purple will focus on priority deliveries of packages. Yellow will emphasize the deferred package and air freight segments, where much of the air shipment density lies, and will be handled through FedEx’s (NYSE: FDX)...

https://www.freightwaves.com/news/fedex-hopes-new-color-coded-air-network-will-shore-up-profits

FedEx cuts full-year revenue forecast, shares plunge

FedEx Corp. late Tuesday cut its fiscal 2024 revenue forecast, saying it now expects a single-digit year-on-year revenue decline instead of flat revenue.

The revision, included in its fiscal second-quarter financial results, sent shares plunging more than 8.5% in early after-hours trading.

The company (NYSE: FDX) upped its full-year guidance for diluted earnings per share, now saying it will come in at a range of $15.35 to $16.85 per diluted share from $15.10 to $16.60 per diluted share.

For the...

https://www.freightwaves.com/news/fedex-cuts-full-year-revenue-forecast-shares-plunge

UPS to hike US diesel surcharges under adjusted formula

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UPS Inc. has raised its fuel surcharge on its U.S. ground parcel and SurePost delivery services by...

https://www.freightwaves.com/news/ups-to-hike-us-diesel-surcharges-under-adjusted-formula

More parcel shippers likely to get caught in delivery surcharge net

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Every year, UPS Inc., FedEx Corp. and some regional parcel delivery carriers adjust the number of...

https://www.freightwaves.com/news/more-parcel-shippers-likely-to-get-caught-in-delivery-surcharge-net

Uber Connect expands into returns shipping

Uber Connect, the local package delivery business of Uber Technologies, Inc. (NYSE: UBER), said Wednesday it has begun offering a service to handle returns.

Under the service, called Return a Package, an Uber driver will pick up sealed and prepaid packages at a customer location and drop them off at a local post office or FedEx Corp. or UPS Inc. location. Uber charges a $5 flat fee for up to five packages tendered at a time or a $3 fee for Uber One members.

The service is available in the nearly...

https://www.freightwaves.com/news/uber-connect-expands-into-returns-shipping

FedEx Freight to close 29 service centers

FedEx Freight, the less-than-truckload unit of FedEx Corp. (NYSE: FDX), will close 29 service locations in the U.S. as part of an ongoing efficiency drive.

The closures will occur by Aug. 13, the unit said Monday. The affected operations will be consolidated into other locations. The company is working with employees to find positions elsewhere in the system. It is unclear how many workers will be affected. There are 371 stations across the Ground system.

Separately, FedEx Freight will furlough...

https://www.freightwaves.com/news/fedex-freight-to-close-29-service-centers

Los expertos dicen que no hay que burlarse de las subidas de las tarifas generales de los paquetes (GRI) 

Los aumentos anuales de las tarifas generales (GRI por sus siglas en inglés) publicados por los transportadores de paquetería FedEx Corp. y UPS Inc. son percibidos por muchos como ruido. Las tarifas no se aplican directamente a los contratos, que rigen todas las relaciones entre cargadores y transportadores. En todo caso, los GRI sirven de marcador a partir del cual se negocian los descuentos en las tarifas. 

Sin embargo, los GRI de 2023 pueden ser algo más que ruido. Después de años de mantener...

https://www.freightwaves.com/news/los-expertos-dicen-que-no-hay-que-burlarse-de-las-subidas-de-las-tarifas-generales-de-los-paquetes-gri

Don’t scoff at parcel general rate increases, experts say

The annual general rate increases (GRI) published by parcel-delivery carriers FedEx Corp. and UPS Inc. are perceived by many as noise. The tariff rates don’t directly apply to contracts, which govern all shipper-carrier relationships. If anything, GRIs serve as a marker from which rate discounts are negotiated.

The 2023 GRIs may be a little more than noise, however. After years of keeping its GRI between 4.9% and 5.9%, FedEx (NYSE: FDX) hit the market last month with a 6.9% increase, higher than...

https://www.freightwaves.com/news/dont-scoff-at-parcel-general-rate-increases-experts-say

FedEx acquires large chunk of stock from Morgan Stanley

A FedEx plane

FedEx Corp. said Tuesday it acquired 7.9 million shares of its common shares worth $1.5 billion from investment banking giant Morgan Stanley & Co. as part of an accelerated share repurchase plan announced in June.

The accelerated buyback program is part of FedEx’s plan to repurchase up to $5 billion of common shares.

FedEx (NYSE: FDX) said it acquired the shares from Morgan Stanley (NYSE: MS) at current market prices. As of midday trading on Tuesday, FedEx shares were up 4.5%. The share price is...

https://www.freightwaves.com/news/fedex-acquires-large-block-of-stock-from-morgan-stanley

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