Business
FedEx Reports Loss, Revenues Exceed Street Expectations
However, deliveries to customers’ homes are more expensive and less profitable than deliveries between businesses, which have fallen sharply with the temporary or permanent closure of businesses since the start of the pandemic.
Revenues from FedEx’s main express delivery unit fell 10% and operating profit fell 56%. There were, however, a few bright spots. The Express unit saw a slight increase in flights across the Pacific.
Matt Arnold, analyst for Edward Jones, said the results were better than expected, with expectations centered on weak business-to-business deliveries. The ground unit’s revenues were much higher than most analysts had expected, he said.
The boom in the volume of e-commerce has been a pleasant surprise, although it is difficult to make money, said Arnold. These residential deliveries are not very profitable deliveries.
FedEx did not predict the earnings for its fiscal year which started on June 1. The Memphis, Tennessee-based company said that the uncertain speed of economic recovery after the pandemic makes such predictions impossible.
The fourth quarter loss was $ 1.28 per share. However, FedEx said that by adjusting the results to exclude impairments due to temporary FedEx Office store closings and an accounting loss for the changing value of pension plan investments, the company said it would have won $ 2.53 per share.
This exceeded the average forecast of $ 1.42 per share among the nine analysts surveyed by Zacks Investment Research.
Revenue fell 3% to $ 17.36 billion, but it also beat analysts’ average forecast of $ 16.12 billion.
FedEx said it spent about $ 125 million on additional protective equipment and cleaning services due to the virus outbreak. However, the company was able to reduce its fuel costs due to lower energy prices.
For the year, FedEx reported earnings of $ 1.29 billion on sales of $ 69.22 billion. The company plans to cut capital spending by $ 1 billion to $ 4.9 billion in the new year.
Copyright 2020 The Associated Press. All rights reserved. This material may not be published, disseminated, rewritten or redistributed without authorization.
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