FedEx Freight Has Mixed Results in First Earnings After Spinoff
Revenue got a boost from new pricing power that the company didn’t have when it was under the umbrella of the parcel giant.
FedEx Freight Holding Co. offered mixed results in its first earnings report, pointing to transitional bumps as the company, the largest carrier of its kind in North America, learns to stand on its own.
Revenue was $3.3 billion in the four months ending in September, it reported on October 29, an increase of 9.2% over the same period last year. Adjusted earnings per share decreased by 24% to $2.15 in the period.
FedEx Freight, which was spun off from FedEx Corp. in June, will report earnings in three-month periods going forward.
The company’s shares gained less than 1% in postmarket trading on October 29. They’d dropped 27% year to date through that day’s close.
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