FedEx Surges Ahead with Strong Q1 Profits Amid UPS Negotiations and Yellow Bankruptcy
- 8 months ago
FedEx reported higher profits during its fiscal first quarter than last year, with adjusted earnings per share of $4.55 vs $3.44. FedEx said it gained new customers in its Express and Ground divisions from UPS during UPS' contract negotiations with the Teamsters union, adding approximately 400,000 average daily shipping volumes. FedEx's Freight division saw a boost in operating income in August due to Yellow Corp's closure after the trucking firm declared bankruptcy.