FedEx profits tumble in ‘a year of both challenge and change’

FedEx today reported a weak set of results: fourth-quarter losses of $1.97bn, against a reported profit of $1.13bn a year earlier.
And full-year reported net profits for its 2019 fiscal year fell 88% to $540m. 
Profits tumbled due to a large $3.8bn one-off related to “retirement plans mark-to-market” adjustments; on a non-GAAP basis they were flattish, while operating cash flows were up by almost $1bn to $5.6bn, against mildly falling capital expenditures …

The post FedEx profits tumble in ‘a year of both challenge and change’ appeared first on The Loadstar.

Source: The Loadstar

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