What's new

XPO | Quarterly Update / FedEx

I

imported_BoxBoss

TB Veteran
Credits
0
I know some of you follow such matters, but for those who don't, in case you didn't see the FedEx quarterly report today, remembering they do not use a traditional calender as most of us do...Their 3rd quarter ended last day of February:

FedEx Corp...reported a profit of 97 million dollars, down from 493 million in the previous quarter, or an 80.4% decline in the past 3 months..

FedEx Freight....reported a 59 million dollar loss in the quarter on a 21% revenue decline from the previous quarter...

The company said they believe the economy will begin recovery in the 2nd half of 2009, but in the meantime:

The company announced that there will be more "cost reduction measures" (sound familiar?), including more staffing reductions, totaling a billion dollars..
I seriously doubt this means Fred is giving up another 20% of his salary...

I don't offer these up as some way of gloating, those of you with sharp memories know I have 3 relatives working for them and wish no ill will toward the company...at least they work for the profitable part of the entity...

Just one point, I guess....we are not alone...
 
Every company out there is struggling not just Conway, look at ups they just froze there wages for management, are the hourly NEXT????????????
 
Historically, we have never known we passed the bottom of a recession until we are at least six months past it. In other words we won't know things are really getting better until we are well into recovery.
 
BoxBoss said:
It can be mentally exhausting...
Click to expand...

During the depths of the Great Depression, when most Americans were just about at the end of their collective ropes, Franklin Roosevelt said....."When you come to the end of your rope, tie a knot in the end, and hang on."

"It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something."

The voices of those who are beat up and hurting, will almost always drown those who have yet to be smitten.

The only tree that doesn't survive the hurricane, is the one which stiffens it's back against the wind, rather than bending with it and weathering the storm.
 
BoxBoss said:
I know some of you follow such matters, but for those who don't, in case you didn't see the FedEx quarterly report today, remembering they do not use a traditional calender as most of us do...Their 3rd quarter ended last day of February:

FedEx Corp...reported a profit of 97 million dollars, down from 493 million in the previous quarter, or an 80.4% decline in the past 3 months..

FedEx Freight....reported a 59 million dollar loss in the quarter on a 21% revenue decline from the previous quarter...

The company said they believe the economy will begin recovery in the 2nd half of 2009, but in the meantime:

The company announced that there will be more "cost reduction measures" (sound familiar?), including more staffing reductions, totaling a billion dollars..
I seriously doubt this means Fred is giving up another 20% of his salary...

I don't offer these up as some way of gloating, those of you with sharp memories know I have 3 relatives working for them and wish no ill will toward the company...at least they work for the profitable part of the entity...

Just one point, I guess....we are not alone...
Click to expand...
Nobody will argue the state of the economy. What burns many is the fact the higher ups gave themselves a fat bonus while reducing our wage and benefits.
So, yes it is well understood the economy could be doing better......Thanks.
 
Road Rage - I (and many Con-Way) employees agree with what you just said....our losing 5% plus matching 401k wouldn't have been so hard to deal with if the higher ups would have waited at least until the economy got better and we got back what was taken from us before giving themselves a nice big bonus.
 
kurbi said:
Every company out there is struggling not just Conway, look at ups they just froze there wages for management, are the hourly NEXT????????????
Click to expand...

Yes, UPS management has a freeze on all management wages for the next 6 months. This will not affect anyone under contract. We are still receiving our pay raises every six months and enjoying the benefits of our contract.
 
BusterNite said:
Yes, UPS management has a freeze on all management wages for the next 6 months. This will not affect anyone under contract. We are still receiving our pay raises every six months and enjoying the benefits of our contract.
Click to expand...
Contract, contract, contract. Are we still talking about the union contract. We don't have a union. Nor do we have a contract. Can't you go somewhere else and talk about that. We have our own problems. And seriously, if your getting a pay raise every six months and eventually you will be at what 25 26 $ dollar/hr. and everybody else will be at 20 or 21$...how long is that going to last? And please don't say you have a contract. I know that. But what about economics. That's what I am talking about. I wished we got a raise instead of a decrease. But I knew eventually everything was going to implode and wages were going to reach a point where they would either stop or level out. And our company had to be the first to follow Yellow. :flame:
 
beerfd said:
Contract, contract, contract. Are we still talking about the union contract. We don't have a union. Nor do we have a contract. Can't you go somewhere else and talk about that. We have our own problems.
Click to expand...

WOW!!! Chill driver!! I am only responding to miss information posted by other drivers. I speak the truth and only the truth. I am not here to agitate anyone. When some one posts wrong or miss leading information about the company I work for, I must correct and post the proper and truthful information. The whole story and nothing but the whole story.:smilie_132:
 
BusterNite said:
WOW!!! Chill driver!! I am only responding to miss information posted by other drivers. I speak the truth and only the truth. I am not here to agitate anyone. When some one posts wrong or miss leading information about the company I work for, I must correct and post the proper and truthful information. The whole story and nothing but the whole story.:smilie_132:
Click to expand...
My coffee maker is broken....OK
 
beerfd said:
Contract, contract, contract. Are we still talking about the union contract. We don't have a union. Nor do we have a contract. Can't you go somewhere else and talk about that. We have our own problems. And seriously, if your getting a pay raise every six months and eventually you will be at what 25 26 $ dollar/hr. and everybody else will be at 20 or 21$...how long is that going to last? And please don't say you have a contract. I know that. But what about economics. That's what I am talking about. I wished we got a raise instead of a decrease. But I knew eventually everything was going to implode and wages were going to reach a point where they would either stop or level out. And our company had to be the first to follow Yellow. :flame:
Click to expand...

It is called the economics over of over-capacity in the industry.....there are too many suppliers for the freight. Some companies run a tighter ship (with or without labor contracts). Those that dont will sink.
 
beerfd said:
Contract, contract, contract. Are we still talking about the union contract. We don't have a union. Nor do we have a contract. Can't you go somewhere else and talk about that. We have our own problems. And seriously, if your getting a pay raise every six months and eventually you will be at what 25 26 $ dollar/hr. and everybody else will be at 20 or 21$...how long is that going to last? And please don't say you have a contract. I know that. But what about economics. That's what I am talking about. I wished we got a raise instead of a decrease. But I knew eventually everything was going to implode and wages were going to reach a point where they would either stop or level out. And our company had to be the first to follow Yellow. :flame:
Click to expand...

I gotta agree with Beerfd here (and that is probably going to keep me up tonight).....

enough with the "contract, contract, contract"......

we do not now, nor will we ever be under a "contract", of any kind, whatsoever....

we get it.....you are better than we are......you have a 'contract' and we don't, never will........you are just absolutely God's gift to the trucking industry, and we suck....

we got it now, thanks...

now, give it a rest......

it is repetitious, and not just a little bit annoying.

and serves no purpose, than gloating......
 
av8tor said:
I gotta agree with Beerfd here (and that is probably going to keep me up tonight).....

enough with the "contract, contract, contract"......

we do not now, nor will we ever be under a "contract", of any kind, whatsoever....

we get it.....you are better than we are......you have a 'contract' and we don't, never will........you are just absolutely God's gift to the trucking industry, and we suck....

we got it now, thanks...

now, give it a rest......

it is repetitious, and not just a little bit annoying.

and serves no purpose, than gloating......
Click to expand...

SORRY!!!!.....I or we are no better than any other drivers out there, No matter who they work for! Remember I did not start this discussion, I was only responding to misleading Information and correcting it. :smilie_132:
 
av8tor said:
I gotta agree with Beerfd here (and that is probably going to keep me up tonight).....

enough with the "contract, contract, contract"......

we do not now, nor will we ever be under a "contract", of any kind, whatsoever....

we get it.....you are better than we are......you have a 'contract' and we don't, never will........you are just absolutely God's gift to the trucking industry, and we suck....

we got it now, thanks...

now, give it a rest......

it is repetitious, and not just a little bit annoying.

and serves no purpose, than gloating......
Click to expand...

There is still something about your post that is bothering me. I think you are just agitated and needed to vent. But.......do you really think I am Gods gift to the trucking Industry??:biglaugh:
 
You must log in or register to reply here.
Top