Shipping Rates Take A Hike: FedEx Announces Major Price Hike Effective January 2024 - FedEx (NYSE:FDX)

The express package delivery company, FedEx Corp (NYSE:FDX), disclosed increasing shipping rates and customs clearance service fees on imports, effective January 1, 2024.

The company is increasing FedEx Express, FedEx Ground, and FedEx Home Delivery shipping rates by an average of 5.9% for U.S. domestic, U.S. export, and U.S. import services.

FedEx Freight shipping rates will be boosted by an average of 5.9% to 6.9%, with new rates applied to only shipments within the U.S and between the contiguous U.S. and Canada.

The company said the price adjustments reflect incremental costs related to the current operating environment and is expected to facilitate continued investment in service enhancement, fleet maintenance and technology innovations.

In June, FedEx reported that fourth-quarter revenue fell by 10.22% to $21.9 billion, which missed the consensus estimate of $22.72 billion, and quarterly earnings of $4.94 per share, beat estimates of $4.89 per share.

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Price Action: FDX shares are trading higher by 0.53% at $259.71 on the last check Tuesday.

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