FedEx Freight

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

Annual LTL GRIs slightly ahead of schedule

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Less-than-truckload carrier Old Dominion Freight Line announced Monday it will implement a 4.9%...

https://www.freightwaves.com/news/annual-ltl-gris-slightly-ahead-of-schedule

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

FedEx combining main units — except LTL — into 1 organization

In unarguably one of the most important moves in its history, FedEx Corp. said Wednesday it will combine three of its operating units, including its two largest, into one business known as Federal Express Corp.

The transition will bring FedEx’s (NYSE: FDX) air, ground parcel and FedEx Services businesses under one umbrella, effective June 1, 2024. FedEx Freight, the company’s LTL operation, will continue to operate as a stand-alone entity within the new corporation. The company didn’t explain...

https://www.freightwaves.com/news/fedex-combining-main-units-except-ltl-into-1-organization

FedEx to combine all but LTL into 1 organization

In arguably one of the most important moves in its history, FedEx Corp. said Wednesday it will combine most of its operating units into one business known as Federal Express Corp.

The transition will bring FedEx’s air, ground parcel and other operating business under one umbrella, effective June 1, 2024. FedEx Freight, the company’s LTL operation, will continue to operate as a stand-alone entity within the new corporation.

FedEx Corp.’s CEO Raj Subramaniam will run the new enterprise, the company...

https://www.freightwaves.com/news/fedex-to-combine-all-but-ltl-into-one-organization

FedEx Freight adds returns to home delivery portfolio

FedEx Freight, FedEx Corp.’s less-than-truckload unit, said Friday that it has added returns to the services offered by its FedEx Freight Direct business, which handles residential and commercial deliveries of big and bulky items ordered online.

The returns service will be available for pickups that don’t require appointments, or have two-hour appointment windows, the FedEx (NYSE: FDX) unit said. Pickups can be made outside of a location, inside a garage, and inside the first ground-level room...

https://www.freightwaves.com/news/fedex-freight-adds-returns-to-home-delivery-portfolio

The leap of faith at FedEx

FedEx Corp. has managed through multiple “show-me” moments in its half-century of operations. But none may be as important as what transpired Tuesday night.

FedEx’s (NYSE: FDX) fiscal 2023 second-quarter results, coming on the heels of a first quarter that included a pre-announcement of shockingly bad numbers, were important in trying to convince analysts, investors and the transportation community that the business either has been stabilized, albeit at what would be considered...

https://www.freightwaves.com/news/the-leap-of-faith-at-fedex

Los transportadores LTL reducen los gastos de mano de obra a medida que disminuyen los volúmenes 

Los transportadores de carga parcial han manifestado que reducirán el número de empleados para hacer frente a la reciente caída de los volúmenes.  

El martes, XPO (NYSE: XPO) confirmó a FreightWaves que ofrecerá despidos voluntarios. 

“Como hemos hecho en el pasado, algunas de nuestras terminales están haciendo despidos voluntarios locales para reducir el tamaño de sus equipos durante las vacaciones”, dijo un portavoz de XPO. “Como los permisos son voluntarios, no esperamos que afecten a un...

https://www.freightwaves.com/news/los-transportadores-ltl-reducen-los-gastos-de-mano-de-obra-a-medida-que-disminuyen-los-volumenes

LTL carriers dialing down labor expenses as volumes sag

Less-than-truckload carriers have been vocal that they will be rightsizing head counts to match a recent pullback in volumes. 

On Tuesday, XPO (NYSE: XPO) confirmed to FreightWaves that it will be offering voluntary furloughs. 

“As we’ve done in the past, some of our terminals are doing local voluntary furloughs to rightsize their teams over the holidays,” a spokesperson with XPO stated. “As furloughs are voluntary, we don’t expect it to [impact] a meaningful number of employees.”

Individuals...

https://www.freightwaves.com/news/ltl-carriers-dialing-down-labor-expenses-as-volumes-sag

FedEx, Cart.com form strategic alliance to tackle e-commerce

Breaking into the marketplace space and competing with the likes of Amazon, Shopify and eBay is difficult. Teaming up with a powerhouse carrier can make it easier.

That’s exactly the route Austin, Texas-based Cart.com is going. The e-commerce platform on Wednesday announced a strategic alliance with FedEx (NYSE: FDX) Dataworks, the carrier’s data science and machine learning arm, to enhance the online shopping experience for merchants and consumers alike.

The collaboration will bring together...

https://www.freightwaves.com/news/fedex-cartcom-form-strategic-alliance-to-tackle-e-commerce

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