(New York) The American company specializing in the rapid transport of letters and packages FedEx transported fewer parcels in its last accounting quarter, but applied higher rates, thus enabling it to increase its turnover.
Posted at 6:36 p.m.
The group also projected higher-than-expected results for the current year, a welcome signal from investors who pushed the stock up about 2% after the publication of results Thursday evening.
For the year ending May 2023, FedEx expects adjusted earnings per share excluding exceptional items of between $22.50 and $24.50, above the $22.41 forecast by analysts.
For the quarter from March to May this year, the group generated a turnover of 24.4 billion dollars, an increase of 8% year on year.
The number of parcels delivered on average each day by express by the carrier has however fallen by 11%, that of parcels delivered at a lower rate by 6%.
This drop in demand is attributed by the company to “a slowdown in economic growth”.
The group also continues to face disruptions in the supply chain and must take into account higher transport and labor costs.
But it applied higher rates, in particular via fuel surcharges.
Its operating profit increased by 7% over the period.
The group having had to make accounting adjustments for its retirement plans, its net profit however fell by 70% to 558 million dollars.
Over the whole of the year ending at the end of May, the group saw its turnover increase by 11% to 93.5 billion dollars and its operating profit climb by 7% to 6.2 billion. Its net profit fell 27% to $3.8 billion.