Not one sentence about Freight.
Touched on Direct for just a moment.
Certainly miss a couple opportunities to point to the strengths at FedEx Freight
" Freight Direct currently covers 81% of the U.S. population, and is anticipated to cover 90% by this coming July. FedEx Freight Direct is a market leading value proposition, including a two-hour delivery window to your room of choice will full packaging removal delivered, of course, by our FedEx team members. We have a strong pipeline and expect some prominent retailers to begin using this service, in January."
The above indicates 1) The decision to handle "Direct" 100% within FXFE. No 3rd parties. 2) Some big shippers have, and are expected to be, signed on, adding density to these routes.
"At FedEx Freight, we continue to focus on yield management, profitable growth, and aligning our cost structure to the lower volumes throughout FY'20. These efforts have enabled FedEx Freight to significantly offset the impact from softening economic condition. This is yet another example of matching capacity to demand."
"[Year-over-year] Package and freight yields across our businesses have been negatively impacted due to a mix shift of lower price services, lower weight per shipment, and increasingly competitive pricing environment."
Everyone neglects to mention - Year over Year numbers compare this year to a RECORD year - comparisons downplay solid metrics (almost) across the board.
“
what is it John, what's our freight volume, it's up a little bit or about flat?
John Smith - It's flat to down.”
Again, it's down compared to
last year's RECORD VOLUME. Proper perspective people...
When asked about
"more drastic cost and headcount reductions", Fred answered it this way:
"We have not decided to go down that road now maybe somebody else feels differently about that, but I don't think you can keep the purple promise laying off thousands of people and I think that's one of the considerations again we had in Europe just to make sure that people over there we acquired with TNT were fairly treated."
This (above) is worth noting, IMHO. A solid strategic decision from the top, keeping staff in place, considering the market (today) for workers. Cheaper to keep 'em... Not to mention trying to maintain the Purple Promise. Gotta give credit when/where credit is due.
There are more comments and perspective, but that all that's really applies to "Freight".
https://seekingalpha.com/article/43...-results-earnings-call-transcript?part=single
