FedEx Faces Employee Benefit Bogey

As the mercantile unfreeze drives up volumes for FedEx, the conveyance association is confronting a distinction draw towards as it reinstates worker benefits. Revenue for the entertain jumped 7% to $8.7 from, up from $8.1 million one year ago, boosting enlarge as well. The association posted net income of $239 million, a 146% enlarge from last years $97 million.emailprintreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterRedditrssforbes:http://www.forbes.com/2010/03/18/fedex-earnings-benefits-markets-equities-shipping-volume.html?partner=yahoobuzzFedEx"s ( FDX - news - people ) Express shred led the companys formula as general shipping volumes peaked 18%, driven by expansion in Asia. Domestic formula were some-more indolent with usually a 1% increase. After slicing multiform worker benefits programs to cut costs during the abyss of the recession, FedEx has backed the merit-based compensate enlarge and to some extent backed the 401(k) relating program, that had been suspended. Both programs affect U.S. salaried employees, mostly in bureau await positions--not front-line hourly workers, says FedEx orator Jess Bunn. In the opinion for the fourth entertain and the entrance full year, FedEx reported that the benefits reinstatement will suppress gain growth. Still, FedEx is trending towards part-time and proxy employees who dont embrace the newly backed benefits. The association right away has 12,000 fewer full-time-equivalent employees than it had dual years ago. ,,2010/03/18/fedex-earnings-benefits-markets-equities-shipping-volume.htmlRival UPS ( UPS - news - people ) benefited from the mending economy as well. The countrys largest shipping company--on a opposite stating report than FedEx--delivered fourth entertain gain per share of 75 cents, up from twenty-five cents one year ago. (See "UPS Delivers A Profit.")FedEx isnt the usually association whose change piece stands to take a violence from benefits. Some observers think that the large pursuit and good cuts signified an overreaction on the piece of corporate America. As Bob Froelich, comparison handling executive at The Hartford Financial Services Group ( HIG - news - people ) discussed at a lunch for strategists Wednesday, the downsizing has assembled stellar distinction margins that stemmed from in advance staffing cuts, not softened commercial operation models. (See "The Hartford Casts A Wide Net.")Shares of FedEx lost 1% to $88.88 Thursday morning.
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