DIRS.INFO The most relevant business & tech news

☆ FedEx quarterly profit disappoints as demand for speedy delivery wanes
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: +2 min

FedEx reported a steep quarterly profit drop and lowered its full-year revenue forecast on Thursday after its customers continued to trade down from speedy, pricey delivery to cheaper, slower options. Shares in the Memphis-based delivery giant tumbled almost 11% to $267.74 in after-hours trading, dragging shares in rival United Parcel Service down 2.5%. The shift to less-profitable packages is squeezing profits at FedEx and UPS. Subramaniam is leading a complex restructuring at FedEx that involves slashing billions of dollars in overheads and merging its separate Ground and Express delivery units. On an adjusted basis, profit fell to $3.60 per share from $4.55 per share a year ago.

Persons: Raj Subramaniam, Subramaniam Organizations: FedEx, United Parcel Service, UPS, Reuters, Federal, United States Postal Service, FedEx Freight Locations: Memphis, China, Shein, U.S

☆ Companies that 'prioritize work flexibility' have the happiest workers, new ranking shows
▼ + stars: | 2024-09-17 | by ( Alex Koller | ) www.cnbc.com time to read: +3 min

1 for employee wellbeing, according to the 2024 Work Wellbeing 100 from Indeed and the University of Oxford's Wellbeing Research Centre. Indeed's ranking found that companies with higher work wellbeing scores also have higher valuations, returns on assets and profits. "A lot of these companies tend to prioritize work flexibility," says Kyle M.K., a talent strategy advisor at Indeed. "Companies that provide choice are the ones that tend to have a much better reputation among their employees," M.K. "By prioritizing work wellbeing, companies cultivate a more resilient, effective and happier workforce which ultimately drives business growth."

Persons: Kyle M.K, LaFawn Davis, Indeed's Organizations: University of Oxford's, Research, Nasdaq, Companies, Block, Human, Delta Air Lines, Accenture Nike, International Disney Parks, Flex, Walt Disney Company Wipro, Vans, Technology Solutions, Bros Coffee Microsoft FedEx Freight, CNBC

☆ A financially independent entrepreneur says there's an overlooked but 'incredible opportunity' for young investors to buy businesses right now — and they're not as expensive to acquire as you may thin
▼ + stars: | 2023-11-19 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

He started with an "index-first strategy," he told Insider, and invested up to 80% of his earnings into low-cost index funds in the early 2010s. While index funds are ultimately what catapulted him to financial independence in the first place, he wouldn't necessarily go that route if he had to start from scratch today. "I'm still very pro low-cost index funds for almost everyone," he said. Lower returns mean index funds won't grow as much, and investors potentially have to save and contribute more to hit their goals. "I think business ownership is really where it's going to be for the next 10 to 20 years."

Persons: Grant Sabatier's, Sabatier, Charlie Munger, you've, boomer Organizations: Business, Fidelity, Federal Reserve, FedEx, SBA, Chase, Bank of America Locations: Morningstar

☆ What’s open and closed on Veterans Day 2023
▼ + stars: | 2023-11-10 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Veterans Day honors active and former US service members. However, since that day falls on a Saturday this year, some will observe the holiday on Friday, November 10. Here’s what will be open and closed on Veterans Day 2023 and the day on which some will observe it. On Friday, the day before Veterans Day, FedEx will operate as normal except for modified service for FedEx Express and FedEx Ground Economy. On Saturday, FedEx will close FedEx Ground, FedEx Ground Economy and FedEx Freight.

Persons: JPMorgan Chase, Wells, Justin Sullivan, Mario Anzuoni, Joe Raedle Organizations: New, New York CNN, Veterans, Banking Federal, Governors, Bank of America, Saturday, JPMorgan, Bank, Citibank, The New York Stock Exchange, Nasdaq, Veterans Day, FedEx, FedEx Express, Economy, FedEx Freight, United States Postal Service, Reuters Government, Miami - Dade Public Library, Getty, Target, Walmart, Kroger Locations: New York, Wells Fargo, San Bruno , California, ”, Miami, Miami , Florida

Operating income in the FedEx unit, which delivers packages for retailers like Walmart (WMT.N), jumped 59% for the quarter ended Aug. 31. Analysts expect customer gains from UPS to be less durable than those from Yellow. "UPS will likely be able to regain much of its lost market share," Edward Jones analyst Matt Arnold said. Without offering a specific forecast, FedEx said it was "well-positioned" for the upcoming holiday season, when volume typically doubles due to e-commerce sales. FedEx tempered its full-year revenue forecast on Wednesday.

Persons: Raj Subramaniam, Edward Jones, Matt Arnold, D.E, Shaw, Lisa Baertlein, Priyamvada, Bill Berkrot, Leslie Adler Organizations: FedEx, UPS, Wall, United Parcel Service, Walmart, FedEx Freight, Thomson Locations: Memphis , Tennessee, Los Angeles, Bengaluru

☆ The No. 1 employer for happy and fulfilled workers is a truck stop and convenience store chain
▼ + stars: | 2023-09-20 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +4 min

The company where workers feel most happy, fulfilled and stress-free can be seen from any given highway coast to coast. Love's Travel Stops & Country Stores, the truck stop and convenience store chain, was rated the No. 1 company for employee well-being, according to a new report from Indeed. Indeed based the awards on employee ratings focused on four aspects related to worker well-being: happiness, purpose, satisfaction and stress. While that looks a bit different at each company and in different industries, a high Work Well-being Score means employees feel appreciated, supported and generally satisfied at work."

Persons: Love's, Walt Disney Company Apple Love's, Jessee Rigney, Harris, Rigney, Priscilla Koranteng Organizations: Stores, Delta Air Lines Tata Consultancy Services Accenture IBM, Wipro Infosys Nike Vans, Cognizant Technology Solutions Hallmark Microsoft Northrop Grumman FedEx Freight Dutch, Coffee, Walt Disney Company Apple, CNBC, Employees Locations: Oklahoma City, New York, California

Yellow's demise underscores the shift in the U.S. trucking industry from too few trucks and truck drivers during the pandemic to too many today. Most U.S. trucking companies have about 20% spare capacity in their networks, Stifel analyst Bruce Chan said in a client note on Monday. Yellow struggled for more than a decade after loading up on debt from acquisitions of rival trucking firms Roadway and USF. Still, it is not good news for Yellow's customers, which likely will face double-digit price increases when they turn that business over to companies, Chan said. "If you weren't prepared for this, it's probably a pretty tough day for you," Adamo said of Yellow's customers.

Persons: Bruce Chan, Chan, Stifel's Chan, Donald Trump, Ken Adamo, it's, Adamo, Lisa Baertlein, Marguerita Choy Organizations: Yellow Corp, Walmart, Teamsters, Forward, TFI, FedEx Freight, Dominion, Apollo Global Management, Analytics, Thomson Locations: ANGELES, U.S, USF, Los Angeles

☆ FedEx is on the cusp of a seismic shift — and it will forever change the company as we know it
▼ + stars: | 2023-04-09 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +7 min

"We will be consolidating our operating companies into one unified organization," FedEx CEO Raj Subramaniam told investors Wednesday. The shift will make FedEx's operational strategies more like competitors UPS and DHL. Regulatory risk brings up an old questionThere may also be some risks coming to the new, integrated FedEx from outside the company. In a stark difference between UPS and FedEx, UPS falls under the National Labor Relations Act and FedEx Express under the Railway Labor Act. Betting the future on slower servicesThe third risk analysts raised was market share.

☆ FedEx is rolling out the biggest transformation in its 50-year history. The potential reward is huge, but so are the risks.
▼ + stars: | 2023-04-06 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +7 min

☆ Boeing resumes 767 freighter deliveries after three-month pause
▼ + stars: | 2023-04-05 | by ( Valerie Insinna | ) www.reuters.com time to read: +1 min

WASHINGTON April 5 (Reuters) - Boeing Co (BA.N) confirmed on Wednesday it had restarted deliveries of its widebody 767 after a three-month pause caused by supplier quality issues. The U.S. planemaker was forced to halt deliveries of the 767F freighter and KC-46 tanker earlier this year after it discovered center fuel tanks made by a supplier were not properly sealed. Boeing declined to comment on when 767 deliveries restarted, but flight data shows it handed over a 767F freighter to FedEx on March 24. The same day, Boeing’s defense unit tweeted that a KC-46 tanker had been delivered to the U.S. Air Force. Stan Deal, head of Boeing Commercial Airplanes, told reporters last week that the company would resume 767 freighter deliveries “shortly,” with KC-46 tanker deliveries following afterwards.

The move to integrate FedEx Ground, its outsourced package delivery arm, with the FedEx Express overnight air delivery business was announced almost a year after activist investor D.E. FedEx Express is already handling FedEx Ground's pickup and deliveries in Alaska and Hawaii - fueling concerns that Ground contractors in the lower 48 states could be let go. John Smith will become president and CEO of U.S. and Canada ground operations at FedEx Express and assume leadership of surface operations across the FedEx Express, FedEx Ground and FedEx Freight businesses from April 16. FedEx Freight will continue to provide freight transportation services as a standalone company under the Federal Express Corp banner, the company added. Shares in FedEx, which also announced a 10% dividend boost on Wednesday, were up about 2% in mid-morning trade.

☆ FedEx to fold operating divisions into one organization in cost-cutting push
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

FedEx had come under criticism from investors last year for its subpar performance compared to UPS, which has a unionized workforce. In response, FedEx outlined extensive plans to cut costs, including parking planes and reducing headcount. The phased transition announced Wednesday will ultimately bring FedEx Express, FedEx Ground, FedEx Services and other FedEx operating companies into Federal Express Corporation and will be headed by present Chief Executive Officer Raj Subramaniam, the company said. John Smith will become president and CEO of U.S. and Canada Ground Operations at FedEx Express and assume leadership of surface operations across the FedEx Express, FedEx Ground and FedEx Freight businesses, effective April 16. FedEx Freight will continue to provide freight transportation services as a stand-alone company under the Federal Express Corp banner, the company added.

☆ FedEx to cut senior jobs as part of larger staff reduction
▼ + stars: | 2023-02-01 | by ( Lisa Baertlein | ) www.reuters.com time to read: +3 min

FedEx did not say how many positions would be affected by the new layoffs. In mid-September, FedEx pulled its profit forecast and shares swooned more than 20% - the largest single-day drop in the company's 50-year history. But those numbers only tell part of the story because they exclude roughly FedEx 6,000 contractors and their workers, who handle most of the FedEx Ground's home delivery business. FedEx already has temporarily furloughed workers at its trucking division FedEx Freight as the pandemic-fueled e-commerce delivery bubble deflates and recession threatens, joining transportation-focused companies ranging from delivery upstart Amazon.com (AMZN.O) and trucking company C.H. Robinson Worldwide (CHRW.O) to freight broker Uber Freight and freight forwarding startup Flexport in announcing layoffs.

☆ A financially independent millennial predicts that 2023 will be the year of 'the creator millionaire.' He says he's taking advantage of the creator economy while it lasts.
▼ + stars: | 2023-01-09 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

Digital content creators and people with online businesses will do particularly well, he predicts. For the next couple of years, Sabatier predicts that digital content creators and people with online businesses will do particularly well. "I think that 2023 will be the year of the creator economy, and that 'the crypto millionaire' is going to be replaced by 'the creator millionaire.'" I think it's really going to be the golden age of the online creator." "There's a real feast or famine component to taking advantage of money making opportunities online right now."

☆ '2023 is going to be one of the greatest years to invest': A millennial who achieved financial independence at age 30 shares his top investing advice as we head into the new year
▼ + stars: | 2022-12-28 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

Millennial Money founder Grant Sabatier thinks 2023 is going to be a great year to invest. A lot has changed since then, most notably the Covid-19 pandemic, which sent the stock market into freefall in March 2020. This year, however, stocks have been slipping again, recession fears continue to grow, and investors are increasingly scared of putting their money in the stock market. You can get really good deals on multi-family properties and on commercial warehouse space." His main takeaway is that, across the board, "there are going to be a lot of good deals and a lot of good value in 2023."

☆ The brutal cold is disrupting last-minute UPS and FedEx deliveries and sending drivers sliding on icy roads. Here's where packages could be delayed.
▼ + stars: | 2022-12-22 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +3 min

FedEx's advisory said winter weather could affect shipments going through the company's Indianapolis and Memphis air hubs. "Potential service disruptions may not affect FedEx Express, FedEx Ground, FedEx Freight, FedEx Office, etc. UPS announced that severe winter weather is already affecting deliveries in North Dakota, South Dakota, and Nebraska — 314 zip codes in all. Though the weather system will be felt by most Americans Friday, some delivery drivers have already experienced snowy and icy conditions. At least one UPS and one FedEx Ground driver posted on Reddit photos of trucks stuck in snowy drifts.

☆ FedEx earnings sink as soft demand persists
▼ + stars: | 2022-12-20 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

FedEx said Tuesday that its quarterly earnings and sales fell from a year ago and warned of persistent weak demand, but said its "aggressive" cost-cutting measures were softening the blow. The package delivery giant's net income fell to $788 million in the three months ended Nov. 30, down from $1.04 billion a year earlier. Adjusting for one-time items, FedEx posted per share earnings of $3.18, ahead of analyst estimates but well off the $4.83 a share it reported during the same period of last year. FedEx Ground operating income rose 24% from last year, and FedEx freight operating income increased 32% year over year. FedEx forecast full-year earnings per share of between $13 and $14, just shy of analysts' expectations of $14.08 per share.

☆ FedEx's freight unit to furlough workers
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - FedEx Corp's (FDX.N) freight division is furloughing employees in some U.S. markets as current business conditions are hurting its volumes, the package-delivery company said on Monday. The move comes barely a week after the Memphis, Tennessee-based company warned of lower-than-expected delivery volumes in the United States as the pandemic-driven e-commerce bubble deflates. read moreThe company "will continue to evaluate the environment and bring back furloughed employees as business circumstances allow," FedEx said in an emailed statement. Some eligible employees will be offered permanent transfer opportunities to other markets that have hiring needs, it added. FedEx Freight will maintain health benefits and provide other financial incentives for furloughed employees, the company said.

☆ Trucking company XPO releases some quarterly results ahead of brokerage spinoff
▼ + stars: | 2022-10-17 | by ( Frank Holland | In | ) www.cnbc.com time to read: +2 min

The XPO Logistics Inc. logo on a truck departing the company's distribution hub in Barcelona, Spain, on Thursday, May 12, 2022. Trucking company XPO Logistics on Monday said it expects to post third quarter revenue that would come in below analysts' expectations. For the truck brokerage segment that will become RXO, the company expects revenue to decrease 2% year over year and volume to increase 9%. Truck brokerage connects truckers with customers in the on-demand "spot market." The RXO spinoff follows a previous spinoff of XPO's contract logistics business into GXO , which began trading last year.

FedEx announced Thursday it was raising prices for all of its consumer delivery services an average of 6.9% effective Jan. 2. FedEx Freight rates, meanwhile, will increase by an average of 6.9% to 7.9%. The shipping giant recently missed earnings expectations and announced significant cost-cutting measures as it warned of a global economic slowdown. "We regularly evaluate our shipping rates and fees and adjust them when needed," the company said on its website. Postal Service announced a holiday rate increase, with priority mail rates set to increase $0.95.

☆ FedEx hikes package rates, details cost cutting as demand weakens globally
▼ + stars: | 2022-09-22 | by ( Jack Stebbins | ) www.cnbc.com time to read: +1 min

Its FedEx Freight rates will increase by an average of 6.9%-7.9%, the company said. It also said it believes it will save between $1.5 billion and $1.7 billion by parking planes and reducing flights. The closure of certain locations, the suspension of some Sunday operations, and other expense actions will save FedEx Ground between $350 million and $500 million, according to the company. FedEx said it will save an additional $350 million to $500 million by reducing vendor use, deferring projects and closing office locations. Despite its bleak warning last week, FedEx stood by its 2025 projections set out in June.

Search resuls for: "FedEx Freight"

21 mentions found