FedEx Corp

FDX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$254.00	Mwzqkq	Prstzlgk

FedEx Earnings: Margins Show Additional Progress, but International Yields Disappoint

Matthew Young

Jun 21, 2023

FedEx's fiscal fourth-quarter (ended May) revenue fell 10% year over year as volumes continued to decline across all segments, while express yields flipped negative on tough comparisons, as well as excess airfreight-industry capacity and unfavorable mix for international export business. Revenue came in shy of our expectations because of worse-than-expected yield declines at express and a sizable drop in freight (LTL segment) volumes.

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