May 8, 2001 |
FedEx Corp. said for the second time in a month that earnings will be less than expected because companies are shipping fewer expensive overnight packages as the U.S. economy slows. The largest one-day delivery company expects to earn 50 cents to 60 cents a share in the fiscal fourth quarter ending May 31, less than the average estimate of 69 cents. FedEx said its first-quarter profit will be "significantly" below the forecast of 57 cents.
March 27, 2001 |
The name of your favorite team soon could be open to the highest bidder. The Vancouver Grizzlies asked the NBA on Monday for permission to move to Memphis, Tenn., next season, lured in part by a financial package in which FedEx Corp. offered to buy the rights to name not only the arena but also the team. The Memphis Express--assuming the NBA would approve that nickname--would be the first team named for a corporation in the four major North American sports leagues.
March 22, 2001 |
FedEx Corp., the world's No. 1 air express-package shipper, on Wednesday posted a 4% decline in fiscal third-quarter profit, in line with Wall Street forecasts, as the economic downturn cut into demand for its freight services. Separately, a federal judge upheld the company's $6-billion no-bid contract with the U.S. Postal Service. The decision came in a lawsuit by CNF Inc.
January 6, 2001 |
FedEx Corp. is likely to order as many as 10 cargo versions of Airbus Industrie's A380 super-jumbo jet, the first order for the plane in the U.S., a person familiar with the talks said. The order would be worth as much as $2.3 billion, based on the list price. FedEx, the largest overnight-delivery service, will decide in the next few weeks, the person said. Boeing Co. also has been talking to Memphis, Tenn.-based FedEx about a competing plane, a variant of its 747-400 freighter.
December 29, 2000 |
United Parcel Service Inc., the world's largest package delivery company, said it would raise rates in February by somewhat less than rival FedEx Corp.'s increases. Atlanta-based UPS said it would raise its air express rates 3.7% and raise ground delivery rates 3.1%, beginning Feb. 5. UPS changed its residential surcharge to $1.05 per package from $1 and raised international export rates 2.9%. A fuel surcharge of 1.
December 28, 2000 |
FedEx Corp., the largest overnight delivery company, said it will raise average domestic package shipping rates 4.9% and export rates 2.9%, effective Feb. 1. A spokesman for FedEx rival United Parcel Service Inc. would not say when or how much the Atlanta-based company's rates might be adjusted. A FedEx spokeswoman said the rate increase won't affect shipments covered by contracts. Those prices will be adjusted when each agreement is renegotiated. Memphis, Tenn.
December 21, 2000 |
FedEx Corp. said its fiscal second-quarter earnings rose 13% to $194 million, or 67 cents a share, in line with its upwardly revised expectations, on higher productivity, cost controls and continued growth in its international shipments. Revenue rose 7% to $4.9 billion. FedEx, the largest air-express package shipper, also said it would announce a price increase at the end of month. The company said the slowing U.S.
December 15, 2000 |
An icy winter storm that left thousands without electricity or heat and contributed to more than a dozen deaths this week is also delaying the delivery of holiday packages, with a shipment backlog stretching from Chicago to Dallas. FedEx temporarily suspended its money-back guarantee for Thursday deliveries and it was too early to tell how long the suspension would last, said Cornell Christion, a spokesman for the Memphis, Tenn.-based parcel handler.
November 14, 2000 |
FedEx Corp. agreed to buy American Freightways Corp. for $950 million in cash and stock in a move to extend its next-day U.S. trucking service. FedEx will pay $28.13 in cash and stock for each share of the trucking company, and will also take on $250 million of debt. American Freightways stock rose 57% in early trading. American Freightways and FedEx's Viking Freight unit will have combined annual revenue of more than $1.6 billion, FedEx said. FedEx, based in Memphis, Tenn.