FedEx's Fiscal Q4 Results Show It's On Track To Honor Its Cost Cutting Commitment
FedEx's Fiscal Q4 Results Show It's On Track To Honor Its Cost Cutting Commitment
On Tuesday, FedEx Corporation (NYSE:FDX) surpassed Wall Street estimates with its top and bottom line fiscal fourth quarter financials.
週二，聯邦快遞公司(NYSE:FDX)發佈了其第四財季業績的營收和淨利潤，超過了華爾街的預期。
Fiscal Fourth Quarter Highlights
財務季度四要點
For the quarter ended on May 31st, FedEx reported revenue grew slightly on a YoY basis to $22.1 billion, surpassing LSEG's consensus estimate of $22.07 billion. FedEx earned a net income of $1.47 billion, or $5.94 per share while adjusted earnings per share of $5.41 surpassed LSEG's estimate of $5.35. Express segment's margins were at 4.1%, unchanged on a YoY basis, with the segment struggling with margin growth throughout the past year.
截至5月31日的季度中，聯邦快遞的營收同比微增至221億美元，超過了LSEG的預期220.7億美元。聯邦快遞的淨利潤爲14.7億美元，每股5.94美元，而每股調整後的收益爲5.41美元，超過了LSEG的預期5.35美元。快遞業務板塊邊際率爲4.1％，與去年同期相同，該板塊在過去一年中努力實現邊際增長。
Fiscal 2024 Highlights
2024財年亮點
For the full fiscal year, FedEx managed to lower capital spending by 16% YoY to $5.2 billion, which is also better than its own forecast of $5.7 billion as it honors its commitment to cut $4 billion in costs by the end of fiscal 2025. To cut costs, FedEx enacted its DRIVE transformation program in response to soft freight demand. The operating margin for the Express segment rose slightly from last year's 2.5% to 2.6%.
在整個財年中，聯邦快遞成功將資本支出降低了16％，爲52億美元，這也超過了其自己預測的57億美元，因其承諾在2025財年底前削減40億美元的成本。爲了降低成本，聯邦快遞實施了其DRIVE轉型計劃，以應對軟貨物需求。與去年的2.5％相比，快遞業務板塊的營業利潤率略有上升至2.6％。
Outlook
展望
For the fiscal year 2025, FedEx expects revenue to grow in low to mid single digits on the back of e-commerce outpacing B2B growth, along with low-inventory levels. FedEx expects a moderate improvement of the demand environment throughout the fiscal year. Improving the Express segment remains a priority. Back in April, FedEx lost its U.S. Postal Service contract to its rival, United Parcel Service Inc (NYSE:UPS) who expects a dramatic increase of profits this year. UPS is expecting a wild ride in 2024 after a challenging 2023, as it will become the primary air cargo provider for USPS as of September 30th which is when FedEx's engagement contract will expire. Moreover, UPS will save $1 billion in costs by cutting 12,000 jobs this year. Delivery volumes are expected to recover with UPS expected to report increased volumes, revenue growth and eased cost comparisons during the second half of the year. Moreover, UPS is going after healthcare as well as small and medium-sized businesses to grow its revenue and margins from 2025 and beyond, while boosting its productivity with automation and smart facilities. Therefore, FedEx should expect stronger competitive headwinds.
在2025財年中，聯邦快遞預計收入將因電子商務超過B2B增長以及庫存水平較低而低至中個位數。聯邦快遞預計需求環境將在財年內適度改善。改進快遞業務板塊仍然是優先事項。早在4月份，聯邦快遞失去了美國郵政服務的合同，輸給了競爭對手聯合包裹股份有限公司(NYSE:UPS)。聯合包裹股份有限公司預計今年將有大幅利潤增長。預計在2024年經歷了具有挑戰性的2023年之後，UPS將在9月30日成爲USPS的主要空運提供商，這也是聯邦快遞的承諾合同到期的時間。此外，UPS將通過裁員12000人在今年節省10億美元的成本。預計隨着UPS出現中期回升，交付量將有所恢復，營收增長和成本比較也將得到緩解。此外，UPS正在發展醫療保健以及中小型企業的業務，以擴大其來自2025年及以後的營收和利潤，同時通過自動化和智能設施提高生產率。因此，聯邦快遞應該預計更強的競爭風險。
Cost savings undoubtedly remain a key focus.
降低成本無疑仍然是一個關鍵焦點。
FedEx CEO Raj Subramaniam emphasized that the target of $1.8 billion in structural cost cuts in fiscal year 2024 has been reached. In addition of being on track to achieve its cost-cutting goal, FedEx expects an additional $2 billion from the consolidation of its air and ground services.
聯邦快遞首席執行官拉吉·蘇布拉馬尼亞姆強調，已經達到了在2024財年實現18億美元結構性成本削減的目標。除了達到其降低成本的目標，聯邦快遞還預計通過整合其航空和地面服務獲得20億美元。
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