FedEx Ground Slashes Holiday Volume Outlook: Report

by Shivani Kumaresan, Benzinga Staff Writer

October 7, 2022 2:52 PM | 1 min read | Make a Comment

FedEx Corp FDX plans to slash the volume outlook for one of its divisions handling e-commerce deliveries.
The company arrived at the decision, Reuters reported, as its customers are expected to ship fewer packages during the holiday season.
Related: Are FedEx's Troubles Indicative Of A Recession? Perhaps Not For UPS, DHL And Amazon
The message was conveyed to the company's 6,000 independent contractors that handle delivery and trucking for FedEx Ground in the U.S. and Canada through an internal memo.
"We expect there to be downward adjustments to volume forecasts," the report quoted Paul Melander, a FedEx Ground senior vice president.
Also Read: FedEx Adopts $1.5B Accelerated Share Repurchase Program
Price Action: FDX shares are trading lower by 1.22% at $153.29 on the last check Friday.