Fedex Corp - FDX STOCK NEWS

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.

FedEx Corporation is enhancing its commitment to Historically Black Colleges and Universities (HBCUs) with a multi-year strategy that includes a pledge of over $5 million to support workforce preparation programs. This initiative aims to aid students impacted by the COVID-19 pandemic and create career opportunities. In collaboration with HBCU Presidents, FedEx has initiated numerous programs focusing on education, mentorship, and internship connections. The strategy emphasizes engagement, empowerment, and connection to bridge career gaps for Black students.

FedEx team members Zakaria Qureshi and Blazej Radwanski volunteered to distribute surplus personal protective equipment (PPE) to aid charities supporting Ukraine. They facilitated the shipment of 247 pallets of PPE to two Polish nonprofits, Polish Medical Mission and Fundacja Rozwoju Sadeczczyzny. This initiative has resulted in the donation of nearly 308,000 items, including masks and disinfectants, to support hospitals facing shortages due to the ongoing conflict.

FedEx Ground has honored three companies as the Entrepreneurs of the Year: Black Enterprises of WNC Inc. (Asheville, N.C.), Lerma Transport Inc. (Yuma, Ariz.), and GWC Trucking Inc. (Hagerstown, Md.). These awards recognize service providers for their commitment to safety, customer service, and operational efficiency. The winners were selected from over 6,100 service providers and were acknowledged at a ceremony in Pittsburgh. FedEx Ground reported nearly 10 million packages transported daily, with an annual revenue of $33.2 billion in fiscal year 2022.

FedEx Corp. (NYSE: FDX) has introduced FedEx Consolidated Returns in the U.S., providing e-commerce merchants with a low-cost returns solution set to launch in early 2023. This innovation allows shoppers to return items without a box or label at approximately 2,000 FedEx Office locations. The items are consolidated for efficient processing and shipping back to merchants. This initiative aims to enhance customer experience and loyalty while supporting environmental sustainability by minimizing waste. FedEx continues to expand its returns portfolio to meet rising consumer expectations.