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FedEx Ground Slashes Holiday Volume Outlook: Report

FedEx Corp (NYSE: FDX) plans to slash the volume outlook for one of its divisions handling e-commerce deliveries.
byShivani Kumaresan
October 7, 2022
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  • FedEx Corp (NYSE:FDX) plans to slash the volume outlook for one of its divisions handling e-commerce deliveries.
  • The company arrived at the decision, Reuters reported, as its customers are expected to ship fewer packages during the holiday season.
  • Related: Are FedEx’s Troubles Indicative Of A Recession? Perhaps Not For UPS, DHL And Amazon
  • The message was conveyed to the company’s 6,000 independent contractors that handle delivery and trucking for FedEx Ground in the U.S. and Canada through an internal memo.
  • “We expect there to be downward adjustments to volume forecasts,” the report quoted Paul Melander, a FedEx Ground senior vice president.
  • Also Read: FedEx Adopts $1.5B Accelerated Share Repurchase Program
  • Price Action: FDX shares are trading lower by 1.22% at $153.29 on the last check Friday.
 
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