Fedex earnings down 54%
From today's atwonline.com news:
<font face="Verdana, Arial, Helvetica" size="2">Sagging economy hits FedEx earnings Dateline: Friday June 29, 2001 Lower traffic volumes and $102 million in paper writeoffs associated with the scaling back of the MD-10 conversion and Ayres Loadmaster single-engine turboprop programs largely were responsible for a 54% decline in fiscal fourth quarter income at FedEx Corp. For the three months ended May 31, net income totaled $113 million, down from $245 million in the year-ago period. Operating revenues rose 6% to $5.12 billion but the increase was owing entirely to inclusion of revenues from two ground delivery companies acquired last year. Revenues in the core FedEx Express operation dropped 3% year-over-year to $3.85 billion. Operating expenses, meanwhile, rose 11% to $4.89 billion including the writeoffs as well as a $22 million charge related to the reorganization of FedEx Supply Services. "Continuing weak economic conditions, particularly in the high-tech and durable goods sectors, sharply reduced demand for our express services," said Executive VP and CFO Alan B. Graf. For the fiscal year ended May 31, FedEx reported income of $584 million, down 15% compared to $688 million in FY00. Revenues rose 8% to $19.63 billion against a 9% increase in operating expenses to $18.56 billion. Operating income fell 12% to $1.07 billion from $1.22 billion. The company said that first-quarter earnings are expected to be considerably below last year's. To help offset negative revenue trends, it has reduced discretionary spending, "substantially" reduced bonus compensation related to profitability, delayed aircraft deliveries and put in place a freeze on most hiring. </font> |
Watch this space. They won't be the only ones in the industry with bad figures & cutbacks although, having said that, Europe is not quite so bad yet.
(God, I hate myself when I sound like the prophet of doom but.....) ------------------ I'm not old, I was just born too early |
UPS seems to be holding its own as they are looking for pilots on the 350 board. Maybe restocking their pool ????
|
And how is your start up going Gov ? just interested.
|
All times are GMT. The time now is 17:08. |
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.