FedEx Corp

FDX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$736.00	Cktsl	Jkvddrz

FedEx’s Fiscal Q3 Volumes Continue To Fall, but Cost Rationalization Is Reviving Ground Margins

Matthew Young

Mar 17, 2023

FedEx's fiscal third-quarter (ended February) revenue fell 6% year over year on continued volume declines across all segments. Yields were still up meaningfully at ground and freight, and up slightly at express, with help from sticky demand-related surcharges, but gains diminished on tough comparisons. Express yield growth slowed the most due to softening priority shipments and lower peak surcharges across Europe and Asia.

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