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Author Name: Tiffany Lee – Marketing Analyst at FreightAmigo｜28/6/2022
FedEx fiscal 2022 financial performance was announced on June 23. It details the present company profile and forecasts lower levels of financial growth for the upcoming year.
According to the report, FedEx 2022 annual performance revenue grew to $93.5 billion this year, increasing 11.3% from the same period in the previous year, and net profit increased by 12% year over year to $5.5 billion. Higher yields in the courier, ground and freight services were primarily responsible for the gain in income in this fiscal year. FedEx’s operating income in 2022 will be affected by this year’s slower economic growth and supply chain interruptions, reducing export demand and resulting in higher purchased transportation and wage rates. However, these effects were all offset by the company’s revenue management action, including higher fuel surcharge revenue.
FedEx anticipates a decrease in freight demand over the upcoming 12 months. Brie Carere, Executive Vice President and Chief Customer Officer of FedEx Services said they expect a shift in consumer behavior toward traditional brick-and-mortar stores and mounting pressure on B2C transaction volumes. The “zero-covid” policy of China and the ongoing conflicts between Russia and Ukraine will hinder trade and lower exports worldwide. However, FedEx does not expect cargo volumes to fully rebound until 2024–2025, despite recovery in transportation market.
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