FedEx releases earning report
MEMPHIS, Tenn. (WMC) - FedEx released their consolidated results for their third quarter on Thursday.
Click here to view the report.
The last two reports have been below prediction for FedEx, resulting in furloughs and cost cuts for the logistics giant. Thursday’s report is a continued decrease in net income.
Stock prices have been on the rise, which a good indicator, and on-time performance is above pre-pandemic levels.
Retired UofM Economics Professor Dr. John Gnuschke says because of how big globally FedEx is, their financial health relies on the health of other countries, not just the U.S.
“Most of the world’s countries have dodged a great recession,” Gnuschke said. “They’re looking forward to expanding the economy. They’ve had stronger economies than any of them anticipated. The market for FedEx is improving, and as long as the U.S. economy doesn’t go into a great recession, it’ll continue to improve.”
FedEx is the largest employer in Shelby County, and Gnuschke said what’s good for FedEx is good for Memphis.
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