Fedex Corp Stock Price, News & Analysis

On March 20, 2023, Royal Caribbean Group (NYSE: RCL) announced the appointment of Rebecca Yeung to its Board of Directors, effective March 15, 2023. Yeung, currently a corporate vice president at FedEx Corporation (NYSE: FDX), brings nearly 30 years of experience in technology, digitization, and business strategy. She has played a pivotal role in advancing FedEx's innovation and transformation initiatives. Richard D. Fain, Chairman of Royal Caribbean, expressed confidence that Yeung's expertise will help the company navigate future growth phases, particularly in advancing technology and operations.

FedEx Corp. (NYSE:FDX) has been recognized by Ethisphere as one of the 2023 World's Most Ethical Companies, marking its first appearance on this list. As the sole honoree in the Transportation/Trucking/Railroad category, FedEx is among 135 companies from 19 countries and 46 industries. Justin Ross, Chief Compliance Officer, emphasized the accomplishment as a testament to FedEx’s strong culture of compliance and ethics. Ethisphere's Ethics Index shows that recipients of this recognition outperformed large-cap companies by 13.6 percentage points over five years. This accolade reflects FedEx's commitment to ethical practices and corporate integrity.

FedEx Corp. (NYSE: FDX) reported Q3 results for fiscal 2023, revealing revenue of $22.2 billion, down from $23.6 billion in Q3 fiscal 2022. Operating income fell to $1.04 billion with an operating margin of 4.7%. Net income was $771 million, resulting in a diluted EPS of $3.05. The company announced an improved fiscal year earnings forecast, now projecting EPS of $13.80 to $14.40 before accounting adjustments, up from $12.50 to $13.50. FedEx's DRIVE program aims for over $4 billion in annual cost reductions by fiscal 2025, despite ongoing demand weakness and global inflation affecting results.

FedEx Corporation awarded the FedEx Road Safety Award to three NGOs for their commitment to enhancing road safety at the Eighth Global Meeting of NGOs in San Salvador, El Salvador. The winners, MOVES from El Salvador, Avoid Accident from India, and LASER International from Senegal, were recognized for their advocacy and evidence-based interventions aimed at reducing road deaths and injuries by 50% by 2030. Shane O'Connor of FedEx praised their impact on community safety. Lotte Brondum, Executive Director of the Alliance, expressed gratitude towards FedEx for supporting NGOs since 2015, fostering growth and advocacy in road safety.

FedEx Express has partnered with EIT Climate-KIC and EIT Digital to fund four city projects aimed at decarbonizing urban transport, with a total funding of $240,000. The selected cities, Hackney (UK), Espoo (Finland), Olot (Spain), and Karasu (Turkey), will develop innovative mobility solutions focused on cycling and electric mobility. This initiative supports FedEx's goal of achieving carbon-neutral operations by 2040. According to Vinay d'Souza, the funding represents a commitment to sustainable transport beyond logistics, showcasing how local actions can contribute to broader climate objectives.

FedEx Corporation expresses its commitment to diversity and social equality, celebrating Black History Month by supporting community organizations that contribute to these goals. The message highlights the importance of a diverse workforce and the role it plays in shaping a future rooted in equality. FedEx aims to deliver not only packages but also a vision for a socially equitable future, emphasizing that this commitment extends beyond just one month of the year.

Gulf of Alaska Keeper (GoAK) initiates efforts to combat marine debris in Alaska, collaborating with PYXERA Global, CRDC, Dow, and FedEx. They are focusing on turning collected ocean trash into usable products like RESIN8, a material enhancing concrete and asphalt performance. The project aims to establish a local facility in Alaska, addressing challenges in waste management due to the region's remote nature and the lack of recycling facilities. The collaboration hopes to create a circular economy while leveraging FedEx's logistics through its FedEx Cares initiative.

FedEx Corp. will host its DRIVE investor event on April 5, 2023, starting at 8:30 a.m. ET. Key executives, including CEO Raj Subramaniam, CFO Mike Lenz, and EVP Sriram Krishnasamy, will detail the DRIVE program, updating stakeholders on the company's transformation progress. The event takes place at the New York Stock Exchange and is by invitation only due to capacity limitations. A live webcast will be available on the FedEx Investor Relations website, with an archived replay offered post-event, which is expected to conclude around 11:00 a.m. ET.