FedEx Freight forecasts quarterly earnings above estimates on improving volumes, pricing
Mark Gilliam brings a decade of experience in business reporting to Fargo Current, previously writing for the Grand Forks Herald. He holds a degree in Business Administration from the University of North Dakota and specializes in local economic trends and business development.
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Oct 29 (Reuters) FedEx Freight forecast earnings for the crucial holiday quarter above analysts estimates on Thursday, citing improvement in volumes after reporting bigger-than-expected quarterly profit and revenue thanks to better pricing. Shares of the company rose 2.1% in extended trading. US shippers in the third quarter paid the most to move freight since 2021, data from the US Bank Freight Payment Index released on Thursday showed. A surge in diesel prices due to the Iran war and a reduction in available truck drivers following federal immigration crackdowns also helped send rates higher. Shipper spending surged 32.1% from the third quarter last year on widespread cost pressure, the US Bank Freight Payment Index showed. Trucking firms generally pass on the higher costs to customers as a surcharge, but a sharp rise has hurt margins for some truckers. FedEx Freight, which was spun off from parent FedEx in June, has focused on cutting costs and boosting revenue by addin