ShareThisEven FedEx Corp.'s ground distribution division in Moon, Pa., got caught up in the global skid this fall, watching average daily package volumes drop from a 4 percent growth rate over the summer to a 1 percent drop in the fall.
And that was at one of the shipping giant's best performing divisions in the second quarter.
The Memphis, Tenn., company, which said it is being challenged by "some of the worst economic conditions in the company's history," announced this week it will cut salaries in addition to implementing a hiring freeze and other cost-cutting measures to reduce expenses by $1 billion for the fiscal year.
Base salary reductions ranging from 5 to 20 percent will go into effect Jan. 1 for salaried exempt personnel, including Chairman Frederick W. Smith. In addition, the company is eliminating merit-based salary hikes next year and suspending the company's 401(k) match, beginning Feb. 1.
More measures are being considered should business conditions continue to get worse, and officials said they don't expect the nation's gross domestic product to turn positive until the end of next year at the earliest.
Despite the economic tumult, FedEx said lower fuel prices, the U.S. pullout of rival DHL and strong customer service helped drive a 3 percent increase in second quarter profit to $493 million, while revenues rose 1 percent to $9.54 billion.
Earnings per share of $1.58 in the three months ended Nov. 30, beat by one penny analysts' estimates as calculated by Thomson Financial Network.
Officials said economic uncertainty and the difficulty of forecasting the impact of newly acquired DHL customers made them unwilling to provide third quarter guidance. Last week, FedEx cut guidance for fiscal year earnings to a range of $3.50 to $4.75 per share.
Meanwhile, at FedEx Ground, revenues in the second quarter grew 5 percent to $1.79 billion, while operating income rose 23 percent to $212 million. Operating margin was 11.9 percent, up from 10.2 percent the previous year.
The company said growth in its home delivery service was more than offset by a drop in commercial business, which hurt average daily package volumes.
E-mail Teresa F. Lindeman at tlindeman(at)post-gazette.
(Distributed by Scripps Howard News Service, www.scrippsnews.com.)
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