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2021-09-22
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FedEx labor shortfall hits quarterly profit, earnings forecast
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That requires FedEx to pay higher wages and send packages to other hubs - adding time, package miles and spending on outside help.</p>\n<p>\"We anticipate the cost pressures from network inefficiencies, such as the <a href=\"https://laohu8.com/S/AONE.U\">one</a> I just illustrated, to persist through peak,\" Subramaniam said. \"Overcoming staffing and retention challenges is our utmost priority.\"</p>\n<p>FedEx company said adjusted net income fell to $1.19 billion, or $4.37 per share, for the fiscal first quarter ended Aug. 31, from $1.28 billion, or $4.87 per share, a year earlier.</p>\n<p>Revenue increased 14% to $22.0 billion.</p>\n<p>On the heels of the report, FedEx lowered its full-year forecast for earnings, excluding items, to $19.75 to $21.00 per share. FedEx previously forecast 2022 earnings per share, excluding items, of $20.50 to $21.50.</p>\n<p>FedEx and competitor United Parcel Service Inc are sprinting to hire holiday workers as the resurgence of Delta variant-driven COVID-19 infections threatens to increase e-commerce delivery demand during the holiday season, when package volume can easily double.</p>\n<p>FedEx aims to hire 90,000 workers to handle the year-end holiday shipping spike. It hired 70,000 last year and 55,000 in 2019.</p>\n<p>Up-and-coming rival Amazon.com Inc is touting average pay of $18 per hour as it races to expand its own delivery network. Amazon's nonunion delivery contractors compete with FedEx and its delivery partners for workers.</p>\n<p>Shares in UPS shed 2.5% after the FedEx report.</p>\n<p>At the market close on Tuesday, shares in FedEx were down 10% over the past six months, underperforming UPS shares' gain of 19%.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>FedEx labor shortfall hits quarterly profit, earnings forecast</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFedEx labor shortfall hits quarterly profit, earnings forecast\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-22 07:25 GMT+8 <a href=https://finance.yahoo.com/news/fedex-quarterly-profit-falls-labor-201408199.html><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) -U.S. delivery firm FedEx Corp posted a 7% drop in quarterly profit and cut its full-year forecast on Tuesday, after labor shortages crimped earnings and shipping speeds ahead of the all-...</p>\n\n<a href=\"https://finance.yahoo.com/news/fedex-quarterly-profit-falls-labor-201408199.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPS":"联合包裹","FDX":"联邦快递"},"source_url":"https://finance.yahoo.com/news/fedex-quarterly-profit-falls-labor-201408199.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2169637141","content_text":"(Reuters) -U.S. delivery firm FedEx Corp posted a 7% drop in quarterly profit and cut its full-year forecast on Tuesday, after labor shortages crimped earnings and shipping speeds ahead of the all-important holiday peak season.\nShares in the Memphis, Tennessee-based company fell 4.5% to $240.75 in extended trading after FedEx said staffing problems resulted in a $450 million year-over-year increase in costs due to higher wage rates and overtime, increased spending on third-party transportation services and shipping hiccups.\n\"The impact of constrained labor markets remains the biggest issue facing our business\" and was a key driver for the first quarter underperformance, FedEx Chief Operating Officer Raj Subramaniam said on a conference call with analysts.\nMost of the excess labor expense hit the company's Ground network, which now is rerouting 600,000 packages per day to work around woes stemming from the labor shortfall, executives said.\nAs an example, Subramaniam said its hub in Portland, Oregon, is just 65% staffed. That requires FedEx to pay higher wages and send packages to other hubs - adding time, package miles and spending on outside help.\n\"We anticipate the cost pressures from network inefficiencies, such as the one I just illustrated, to persist through peak,\" Subramaniam said. \"Overcoming staffing and retention challenges is our utmost priority.\"\nFedEx company said adjusted net income fell to $1.19 billion, or $4.37 per share, for the fiscal first quarter ended Aug. 31, from $1.28 billion, or $4.87 per share, a year earlier.\nRevenue increased 14% to $22.0 billion.\nOn the heels of the report, FedEx lowered its full-year forecast for earnings, excluding items, to $19.75 to $21.00 per share. FedEx previously forecast 2022 earnings per share, excluding items, of $20.50 to $21.50.\nFedEx and competitor United Parcel Service Inc are sprinting to hire holiday workers as the resurgence of Delta variant-driven COVID-19 infections threatens to increase e-commerce delivery demand during the holiday season, when package volume can easily double.\nFedEx aims to hire 90,000 workers to handle the year-end holiday shipping spike. It hired 70,000 last year and 55,000 in 2019.\nUp-and-coming rival Amazon.com Inc is touting average pay of $18 per hour as it races to expand its own delivery network. Amazon's nonunion delivery contractors compete with FedEx and its delivery partners for workers.\nShares in UPS shed 2.5% after the FedEx report.\nAt the market close on Tuesday, shares in FedEx were down 10% over the past six months, underperforming UPS shares' gain of 19%.","news_type":1,"symbols_score_info":{"FDX":0.9,"UPS":0.9}},"isVote":1,"tweetType":1,"viewCount":270,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/869833268"}
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