On Thursday, FedEx reported better-than-expected fiscal second-quarter earnings (Q2 2022) with revenue rising 14% to $23.5 billion as labor shortages continue to impact the business.
Here are highlights from the earnings call:
FedEx Founder, Chairman and Chief Executive Officer Frederick W. Smith discussed the US trading relationship with China during this earnings call when prompted by an analyst. Here are excerpts of his comments:
“We have expressed to both Republican and Democratic administrations that we feel that it was a major mistake for the United States to walk away from the Trans-Pacific Partnership. What that agreement did was to allow us to deepen our trade ties with our other trading partners. And of course, given the leadership of Japan, the other participants did go forward with it. So, the best way to normalize the relationships with China is to sign TPP and get a more normalized trading relationship, which China would like to then join.”
“The best way to keep a harmonious relationship with China is not to disconnect, to trade where we can. And that’s what we support. And I’m hopeful that at the end of the day that cooler heads will prevail and we’ll join the TPP and we will try to have that constructive relationship with China.”
“We are strong free traders and we think we should stay engaged in China and we hope the administration does that. And I quite frankly, am optimistic because I think at the end of the day, that view will eventually prevail. Particularly in a period of labor shortage, it’s impossible for the United States to manufacture all the goods that consumers in the United States want. So, I hope that was helpful.”
This earnings information is a synopsis of curated highlights. Please see the FedEx Quarterly Results page for the full details on the company’s quarterly results and guidance.
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