A FedEx truck is driven through downtown in Los Angeles, California, U.S., July 22, 2019. REUTERS/Mike Blake/File Photoshed 4.2% on Thursday after labor woes tempered its 2022 earnings forecast that missed Wall Street expectations.
FedEx founder and CEO Fred Smith said on a conference call that he expects FedEx margins to continue to grow this year, but that operations are being crimped by an inability to find enough workers. The hiring challenges "have contributed to recent service levels that do not meet our own high expectations," Subramaniam said.
FedEx recently suspended freight shipping for roughly 1,400 customers to help relieve pressure on its network - which has been running at near full tilt for much of the pandemic.Fiscal fourth quarter adjusted net income rose to $1.36 billion, or $5.01 per share, from $663 million, or $2.53 per share, a year earlier. Pandemic-fueled demand for e-commerce services supported higher fees and robust volumes contributed to cost savings.Analysts expected fourth-quarter earnings of $4.
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