KarstadtQuelle sells logistics ops to Deutsche Post
KarstadtQuelle AG said it has finalised the sale of its logistics operations to Deutsche Post World Net AG for about 200 mln eur, effective April 1.
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French La Poste to sell 70 pct of TAT Express
French national post office La Poste announced its plans to sell up to 70 pct of the share capital of its subsidiary, express freight transport company TAT Express, to an unnamed French company, it was reported on March 17, 2005. The French trade unions had been informed for this decision at an extraordinary works’ council dedicated to the opening of the capital of TAT Express on March 10, 2005. TAT Express launched a restructuring plan in December 2003 which led to 200 job cuts and modification of the work contracts of another 200 company employees. TAT Express reduced its agencies in France to 33 and generated a 150 mln euro (USD200.5 mln) turnover for 2004.
Read MoreFedEx’s Q3 profit rises 51percent but fuel costs may pinch Q4
FedEx has reported stronger-than-expected third-quarter results, registering double-digit growth in ground deliveries and international shipments.
However, the Memphis, Tenn.-based company warned the rising price of oil could crimp fourth-quarter margins.
Net income for the third quarter ended Feb. 28 rose 53 percent, reaching USD317 million, or USD1.03 per share, compared with USD207 million, or 68 cents, earned in the year-ago period.
Operating income received a boost from the timing of fuel surcharges as costs declined, FedEx said.
Quarterly revenue rose 21 percent, reaching USD7.34 billion from USD6.06 billion.
According to estimates compiled by Thomson First Call, analysts had been looking for a third-quarter profit of 98 cents a share on revenue of USD7.19 billion.
Read MoreFedEx reports strong revenue and earnings growth in third quarter
FedEx Corp. reported the following consolidated results for the third quarter:
Revenue of USD7.34 billion, up 21% from USD6.06 billion the previous year, operating income of USD552 million, up 48% from USD372 million a year ago, operating margin of 7.5%, up from last year’s 6.1% and net income of USD317 million, up 53% from USD207 million the previous year. “We have solid momentum in the business and customer demand is strong,” said Frederick W. Smith, chairman, president and chief executive officer. “Economic conditions remain favorable, and we are optimistic about future growth prospects. We are executing our plans very well and our unique business strategy is paying off.” Total average daily package volume at FedEx Express and FedEx Ground combined grew more than 10% year over year for the quarter, led by double-digit growth in ground and FedEx International Priority(R) shipments. FedEx Freight average daily less-than-truckload (LTL) shipment volume increased 9%. FedEx Express, FedEx Ground and FedEx Freight each reported solid yield improvement.
CEO of UK’s BT Group Elected to UPS Board
The Board of Directors of UPS today announced it had elected the chief executive of BT Group plc, Ben Verwaayen, as a new independent non-executive director of the company. Verwaayen, 53, will serve the balance of a term that expires in May of this year and will stand for re-election at the UPS annual shareowners meeting on May 5. “We are excited to add to our board an executive who brings such a strong international perspective,” said Mike Eskew, chairman and CEO of UPS. “We also will benefit greatly from Ben’s knowledge and experience in telecommunications and technology.”
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