Earnings narrative analysis: FedEx KEYFOCUS: Tom, firstly, I may say this much, as I said in my prepared remarks, this is the first time in history of FedEx that's in the FedEx Ground where the volumes declined and our operating margin expanded. So clearly this is beyond just flexing for volume and we have -- this is really DRIVE taking effect as well ... ; Adjusted operating income declined 47% and adjusted margin contracted 320 basis points to 5% as package volumes were down 7% and yields declined 3%, due to international package yield pressure. ... ; Operating income decreased 26% and operating margin declined 210 basis points as shipments declined 18% and yield moderated. ... ;
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Op-ed:
From our analysis, we found the following most relevant:
Excluding Amazon volume, the US domestic parcel market is expected to be 72 million packages a day in calendar year '22.