Wednesday, June 17, 2009

Federal Express continues decline

I just realized Federal Express has changed their official name to FedEx Corp. Just like Kentucky Fried Chicken is now known as KFC. Just goes to show how old I am.

Anyway, FedEx continues to experience declines in cargo, especially international priority deliveries, which fell 12 percent for the quarter ending May 31, 2009.

The good news is, they, like everyone else, are saying the free fall appears to be over. Of course, there are many saying the recovery will be slow in coming.

This from Bloomberg News.

Fourth-quarter revenue (which for FedEx was May 31, 2009) declined 20 percent to $7.85 billion, FedEx said. U.S. express package volumes fell 2 percent and international priority deliveries, one of the company’s most-profitable offerings, plunged 12 percent.

The slide in U.S. express shipments was the smallest in five quarters, an indication that the rate of decline “appears to have leveled off,” Smith said.

click here for complete article

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