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   Vol. 19 No. 24
Friday March 20, 2020
Big Purple Profits Down Demand Is Up
Fred Smith

  FedEx Chairman and CEO Fred Smith is confident his company is capable of handling increased demand for its international express delivery services.
  He was also upbeat about China's recovery from COVID-19 saying “China is up and running again and there are increasing backlogs.”
  Mr. Smith also said that out of the 900 plus people Big Purple employs in Wuhan, China “only four contracted the virus and all have recovered.
  “We see some opportunities in markets where belly lift has halted,” he said.
  “On some routes that are suspended, we are also customers,” he added.
  Mr. Smith says he expects the U.S. Government will step up and help American flag carriers “and also our great airplane manufacturer, Boeing.
  “For the last couple of weeks we have seen increased demand from Asia.
  “We have strong demand for FedEx Ground here in the U.S,” and pointing to the FedEx hookup with Walmart adding, “especially home delivery, and even the commercial volumes have been quite stable.”
  The company reported strong revenue but a sharp drop in profit during the quarter that ended February 29.
  FedEx said it earned $315 million in the latest quarter, a drop of 57% from the same period a year earlier.
  The quarter was affected by a weaker global economy, higher costs by expanding its FedEx Ground deliveries in the U.S. to seven days a week, a shift by customers to cheaper services, and last year's cutoff of business with Amazon.
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