5 things to know about FedEx
FedEx Corp. delayed quarterly results due to coronavirus
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FedEx Corporation is a global leader in shipping that moves millions of items every day.
The Memphis-based company was originally scheduled to release its fourth-quarter results on June 23. However, the company postponed the release until after market close on June 30 as a result of “shelter in place” requirements for the coronavirus pandemic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FDX | FEDEX CORP. | 283.21 | +3.15 | +1.12% |
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The pandemic has pushed FedEx to make several changes, including adding a fee for large shippers and capping the amount some retailers can send each day.
FedEx also pulled its economic forecast in March due to uncertainties caused by the coronavirus pandemic.
Here are five things to know about FedEx:
1. It’s a major player in the industry
A FedEx Boeing 767 aircraft. (FedEx)
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FedEx is the second-largest package/courier carrier behind only UPS, according to industry news website Transport Topics.
Last year, FedEx brought in $69.7 billion in revenue. The company employs 475,000 people and operates in more than 220 countries.
2. It offers more than just shipping
FedEx packaging. (FedEx)
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FedEx Express accounts for more than half of the company’s revenue, $37.3 billion in 2019. FedEx’s ground shipping and freight services were the next largest segments of its business.
FedEx offers more than just shipping services. The company provides a variety of document and business services under its FedEx Office segment and supply chain management, e-commerce technology and customs brokerage under its FedEx Logistics branch.
Some of the company’s more surprising offerings include electronics repair and 3D printing.
3. It has thousands of locations
A FedEx Office store. (FedEx)
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FedEx has 13 major transportation hubs, including seven in the U.S. They include Anchorage, Greensboro, Fort Worth, Indianapolis, Memphis, Newark and Memphis.
The company’s FedEx Office segment has more than 2,100 locations, drop-off and pickup at more than 11,400 retailers and 34,000 drop boxes across the U.S.
4. FedEx claims to have invented express transportation
A FedEx Ground truck driving on the interstate. (iStock)
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FedEx, then known as Federal Express, was founded by Frederick W. Smith in 1971. The company delivered 186 packages overnight during its first night of continuous operation in 1973.
Today, FedEx moves an average of more than 15 million shipments each business day.
Smith remains FedEx’s CEO and board chair. He’s held the role of CEO since 1998 and chair of FedEx Express since 1975. He was also the president of FedEx from 1998 until 2017. Smith earned a degree from Yale University and is a Marine Corps veteran.
5. The company is looking toward the future
Roxo, a delivery robot being tested by FedEx. (FedEx)
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FedEx has been working on several futuristic innovations.
It is testing a delivery robot called Roxo that can carry 100 pounds of payloads and can even navigate stairs.
FedEx is also working with Volvo to develop technology to help it “platoon” autonomous trucks close together in order to save fuel and reduce traffic congestion.