FedEx attacks costs to defend against coronavirus headwinds — Panjiva


FedEx attacks costs to defend against coronavirus headwinds

China 2297 Corp - Forwarders 209 Earnings 406 European Union 545 Mode - Containerized 1157 Mode - Seaborne 1470 Natural Disasters 171 U.S. 4088

Freight forwarder Fedex reported a 22.7% drop in EBITDA in fiscal Q3 to February 29. That included a 5.3% year over year slide in freight volumes to the worst quarterly result since FQ3 2017. The firm has cited coronavirus-related disruptions as a driver of lower volumes. Uncertainty about the disease’s spread has led the firm to cut its earnings guidance. FedEx is also “attacking costs throughout the company” to “mitigate these near-term headwinds”. So far the impact of coronavirus has been seen in China-outbound volumes. U.S. seaborne imports from China linked to the firm dropped 23.9%...

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