FedEx Freight

Quarterly revenue—at $22.2 billion—was down 2.6% annually, and operating income—at $1.42 billion—increased 14.8%. Net income, at $1.01 billion, topped the $820 million recorded for the same quarter a year ago. Adjusted earnings per share came in at $3.99, up 20% annually while falling short of Wall Street expectations, at $4.19.

FedEx Freight, the less-than-truckload (LTL) subsidiary of Memphis-based global freight transportation and logistics services provider FedEx said on Monday it will close 29 freight locations and consolidate its operations into other locations, effective August 13, 2023.

FedEx described this consolidation as a phased transition that will subsequently bring nearly all of its operating companies—FedEx Express, FedEx Ground, FedEx Services, as well as other FedEx operating companies—into Federal Express Corporation, and transition into what it called a single company operating a unified, fully integrated air-ground network. And it also noted that its less-than-truckload subsidiary, FedEx Freight, will remain as a standalone operation within Federal Express Corporation.  

Quarterly revenue—at $22.2 billion—was off 6% annually, and net income—at $865 million was below the $1.22 billion recorded a year ago. Diluted earnings per share—at $3.41—fell 7.4%.

Earlier this week, FedEx Freight, the less-than-truckload (LTL) subsidiary of Memphis-based global freight transportation and logistics services provider FedEx, said it has expanded its FedEx Freight Direct e-commerce offering for big and bulky items.