FedEx Corp

FDX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$359.00	Gkczzgw	Bmxjksyb

FedEx's Package Volumes Are Under Pressure, but Fiscal Second-Quarter Margins Show Progress

Matthew Young

Dec 21, 2022

FedEx's fiscal second-quarter (ended November) consolidated revenue flipped negative year over year (down 2.8%) on accelerating volume declines across all segments, but especially at express, which once again fell short of our forecasts. Yields remained positive across the board though, as we expected, gains are rapidly dissipating at express on tough comparisons (including for fuel surcharges) and softer underlying demand, particularly in Asia.

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