News / FedEx reacts slowly to weakened global trade as TNT integration takes its toll on Q1

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FedEx chief executive Fred Smith has pointed the finger of blame at the macro-economic environment after a difficult first quarter for the company.   

Revenues may only have dropped marginally to $17.05bn, but over the three months to September net income plummeted by more than 10% to $745m.  

“Our performance continues to be negatively impacted by a weakening global macro environment driven by increasing trade tensions and policy uncertainty,” said Mr Smith.  

“Despite this, we are positioning to leverage future growth as we integrate TNT Express, enhance residential delivery capabilities and modernise our air fleet and ...