by Calculated Risk on 9/11/2009 09:08:00 AM
Friday, September 11, 2009
Press Release: FedEx Corp. First Quarter Earnings to Exceed Guidance
FedEx expects ... a continued modest recovery in the global economy. ...UPS and FedEx are usually good indicators for the economy. The increase in earnings (compared to guidance) was due to international volumes and cost cutting, not domestic volumes.
“Despite some encouraging signs in the global economy, it is difficult to predict the timing and pace of any economic recovery. Revenue per shipment declined year over year in each of our transportation segments, as fuel surcharges declined significantly and we continue to face a very competitive pricing environment combined with significant overcapacity in the LTL freight market.” ... said Alan B. Graf, Jr., FedEx Corp. chief financial officer.
Still no signs of green shoots in the U.S.
Posted by Calculated Risk on 9/11/2009 09:08:00 AM