FedEx outlines cost-cutting plan after profit miss

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By Lisa Baertlein and Nathan Gomes

(Reuters) -FedEx Corp on Thursday outlined plans to park planes, suspend some Sunday deliveries and shutter corporate offices after falling demand hammered first-quarter profits and prompted the company to withdraw its forecast one week ago.

The company reported that earnings per share fell 21.3% for the quarter ended Aug. 31, as it had warned last week. It blamed a rapidly deteriorating global economy, but analysts and investors were skeptical - in large part because revenue increased 5.5%.

News that the company had plans for reducing profit-eroding excess capacity sent shares up 1.8% to $155.96 in afternoon trading,

"We're moving with speed and agility to navigate a difficult operating environment, pulling cost, commercial, and capacity levers to adjust to the impacts of reduced demand," said Chief Executive Raj Subramaniam.

FedEx (NYSE:FDX) said it expects cost savings between $2.2 billion and $2.7 billion in fiscal 2023.

The company said other expense reductions would come from reducing flight frequencies at FedEx Express, closing certain package sorting centers and delaying certain projects.

The Memphis-Tennessee-based company said adjusted operating income for the quarter ended Aug 31 fell to $1.23 billion, or $3.44 per share, from $1.49 billion, or $4.37 per share, the year earlier. It blamed macroeconomic weakness in Asia, service challenges in Europe and soft revenue in its U.S. Ground delivery unit for the results that sent shares skidding to the lowest levels in 20 years.

Revenue for quarter rose to $23.2 billion from $22 billion a year earlier.