SA: FedEx straps in to ride out pandemic

SEEKING ALPHA reports:

FedEx (FDX -2.6%) discloses that it drew down $1.5bn from its credit facilities and still has $1.86bn untapped.

While demand in Asia has picked up a bit for the company, margins in the US will be impacted negatively by the change in mix. Overall, global B2B has taken a hit.

FDX is taking actions to manage cash flow and improve liquidity, including capex review and a consideration of alternative financing sources.

CEO Fred Smith will take a 91% pay cut.

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