FedEx Corporation - FDX STOCK NEWS

FedEx Corp. has launched its 11th annual Small Business Grant Contest, set to award over $330,000 to ten U.S.-based small businesses. The entry window opens January 31, 2023, and closes February 21, 2023. The ten grand prize winners will be announced on May 11, 2023.

Each winner will receive $30,000, along with additional prizes, including a $1,000 FedEx Office print credit and mentorship sessions. This year introduces the People’s Choice Awards, allowing public voting for additional daily cash prizes. The contest has previously attracted nearly 18,000 entrants and distributed over $1.6 million in cash and prizes since its inception.

FedEx invests in advancing economic opportunity for women through the GROW Fellowship, a multi-year program supporting female founders globally. Post-program reports indicate:

• Average sales growth of 11%
• 60% increased employment
• 81% boost in confidence
• 96% engaged in pay-it-forward initiatives

FedEx also participated in Global Entrepreneurship Week, promoting sustainable entrepreneurship. The company's support for the JA International Trade Challenge engaged over 150 volunteers and 3.4 million participants, enhancing connections for young entrepreneurs during the pandemic.

FedEx Corporation announced its support for the Black Enterprise Entrepreneurs Summit, a significant event for African American business owners in the U.S. The company has invested heavily in supplier diversity, procuring $18.7 billion from small, minority, and women-owned businesses in 2021. FedEx collaborates with diversity organizations to enhance opportunities for these enterprises. Additionally, initiatives like the FedEx Small Business Center and the Small Business Grant Contest further support entrepreneurial growth, distributing over $365,000 in prizes in 2022.

On January 10, 2023, BetterInvesting Magazine named RH Inc as its "Stock to Study" and FedEx Corp as its "Undervalued Stock" for March 2023. Ken Zendel, CEO of the National Association of Investors, emphasized long-term investment strategies and the importance of educating oneself in investing. The committee's selections serve an educational purpose and are not endorsements for purchase. BetterInvesting, a nonprofit, has educated over 5 million individuals since 1951, offering tools and resources for effective stock analysis.

Columbus McKinnon Corporation (CMCO) appointed Rebecca Yeung, Corporate VP at FedEx (FDX), to its Board of Directors as of January 9, 2023. With nearly 30 years of experience, Ms. Yeung will bring valuable insights in AI-enabled robotics and supply chain automation, enhancing the Board's capabilities towards growth and strategic direction. This addition increases the Board's independence, with ten out of eleven directors now independent. Company officials express optimism about her contributions to Columbus McKinnon's intelligent motion solutions and growth strategy.

FedEx Corporation is committed to fostering equity through educational opportunities for diverse communities. They have provided 2,620 scholarships to various organizations, helping support over 9,800 students, including 4,842 female students. FedEx also focuses on the LGBTQ+ community by partnering with organizations like The Trevor Project and Point Foundation, offering scholarships to over 700 LGBTQ+ students. Additionally, they support veterans through their initiatives with Hiring Our Heroes and the USO, achieving an 84% job offer rate for participants in their fellowship program.

FedEx has partnered with Junior Achievement for over 30 years to inspire budding entrepreneurs worldwide. Through initiatives like the Global Possibilities Awards and the International Trade Challenge, students learn to manage international trade, develop products, and market them globally. FedEx invests more than $1 million annually in these programs, impacting around 475,000 students globally.

FedEx highlights Phillip Ashley Chocolates, an award-winning chocolatier based in Memphis, TN, founded in 2012. The brand enjoys international acclaim and has catered to Hollywood's elite during major events like the EMMYS, GRAMMYS, and OSCARS. Founder Phillip Ashley Rix expresses appreciation for the ICCC program, which fosters networking among entrepreneurs and addresses equity disparities faced by black and brown small business owners.

FedEx Corp. (NYSE: FDX) reported Q2 fiscal 2023 results with revenues of $22.8 billion, a decline from $23.5 billion in Q2 fiscal 2022. Operating income dropped to $1.18 billion from $1.60 billion, leading to a net income of $788 million or $3.07 EPS, down from $1.04 billion and $3.88 EPS year-over-year. The company is accelerating cost reduction initiatives, expecting total savings of approximately $3.7 billion for fiscal 2023. However, FedEx expressed concerns over ongoing demand weakness, particularly in its Express segment, which experienced a 64% decline in operating income.