<p>运输和物流服务巨头 <strong>联邦快递</strong>(FDX 0.74%) 在周四公布了 2025 财年第一季度的财报，显示收入停滞不前，利润大幅下滑，这可能表明在扩大市场份额方面存在挑战。更糟糕的是，营业收入大幅下降，同比几乎下降了 28%。</p>
<p>总体而言，这个截至 8 月 31 日的季度令人失望，反映了对优先服务需求减少和运营成本增加的影响。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 财年第一季度</th>
<th>2024 财年第一季度</th>
<th>变化（同比）</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>216 亿美元</td>
<td>217 亿美元</td>
<td>（下降 0.5%）</td>
</tr>
<tr>
<td>营业收入</td>
<td>10.8 亿美元</td>
<td>14.9 亿美元</td>
<td>（下降 27.5%）</td>
</tr>
<tr>
<td>营业利润率</td>
<td>5.0%</td>
<td>6.8%</td>
<td>（下降 26.5%）</td>
</tr>
<tr>
<td>净收入</td>
<td>7.94 亿美元</td>
<td>10.8 亿美元</td>
<td>（下降 26.5%）</td>
</tr>
<tr>
<td>每股收益（摊薄）</td>
<td>3.21 美元</td>
<td>4.23 美元</td>
<td>（下降 24.1%）</td>
</tr>
<tr>
<td>调整后营业收入</td>
<td>12.1 亿美元</td>
<td>15.9 亿美元</td>
<td>（下降 23.9%）</td>
</tr>
<tr>
<td>调整后净收入</td>
<td>8.9 亿美元</td>
<td>11.6 亿美元</td>
<td>（下降 23.3%）</td>
</tr>
<tr>
<td>调整后每股收益（摊薄）</td>
<td>3.60 美元</td>
<td>4.55 美元</td>
<td>（下降 20.9%）</td>
</tr>
</tbody>
</table>
<p>来源：联邦快递。</p>
<h2>了解联邦快递</h2>
<p>联邦快递是全球运输和物流服务领域的领导者，提供包括快递运输、货运服务和电子商务运输解决方案在内的广泛服务。其业务战略的核心是提高运营效率、控制成本和技术进步。最近，联邦快递将重点转向战略整合努力，如其 “一体化联邦快递” 倡议，将联邦快递地面和联邦快递服务合并为联邦快递，以简化运营并降低成本。</p>
<p>此外，联邦快递一直在推出其 Network 2.0 以优化美国和加拿大的陆运业务。技术进步，如 DRIVE 计划，强调数据驱动的决策和成本削减，旨在通过在财政年度结束时实现 40 亿美元的结构性成本节约。</p>
<h2>第一季度亮点</h2>
<p>联邦快递的第一季度收入基本持平，为 216 亿美元。公司的净收入下降至 7.94 亿美元，同比下降近 27%，表明公司在管理不断上升的运营成本方面遇到困难。营业收入出现显著下降，主要是由于工资水平、运输成本和运营中断的增加。这导致联邦快递的营业利润率下降至 5%，而一年前为 6.8%。</p>
<p>季度期间的关键战略举措之一是将联邦快递地面和联邦快递服务完全整合为联邦快递，作为 “一体化联邦快递” 倡议的一部分。这一举措旨在简化运营并降低重复成本，这对于长期效率至关重要。此外，DRIVE 转型计划旨在为当前财年节省 40 亿美元成本。它可能在季度期间提供了一些缓解，帮助抵消了优先服务需求下降。</p>
<p>服务组合持续从优先服务向延迟服务转变，限制了联邦快递的收益增长，对收入产生了积极影响，但利润率较低。这反映了电子商务行业的更广泛市场趋势，需求正在转向更具成本效益（但速度较慢）的交付选项。</p>
<p>联邦快递管理层表示，他们仍致力于实现长期可持续目标，专注于到 2040 年将包裹提取和递送车队转型为零排放电动车。这符合消费者和监管要求对环保实践日益青睐的趋势。</p>
<p>公司表示，他们在季度内完成了 10 亿美元的股票回购计划。董事会批准了 2025 财年 150 亿美元的回购计划。</p>
<h2>展望</h2>
<p>对于整个财年，联邦快递下调了其收入增长预测，并现在预计增长幅度更为保守，为低个位数百分比增长。这一修订反映了对当前市场条件的谨慎态度，包括需求动态变化和运营成本上升。</p>
<p>公司还下调了全年调整后每股收益指引，预计调整前每股收益在 17.90 至 18.90 美元之间（下调自 18.25 至 20.25 美元），调整后每股收益在 20 至 21 美元之间（下调自 20 至 22 美元）。</p>
<p>投资者和分析师应密切关注联邦快递执行其节约成本和整合计划的情况，这将对维持盈利能力和实现长期增长至关重要。</p>

联邦快递

<p>联邦快递报告称，截至 2025 财年第一季度，营收为 216 亿美元，与去年持平，净利润同比下降近 27%。营业利润下降 28%，反映出在应对不断上升的运营成本和服务需求转变方面所面临的挑战。公司正在专注于成本节约举措，包括整合联邦快递地面服务和联邦快递服务，并计划在财年结束时实现 10 亿美元的节省。联邦快递将其营收增长预测调整为低个位数，并将调整每股收益指引至 1.90 至 2.10 美元之间</p>

<p>Transportation and logistics services giant <strong>FedEx</strong>(FDX 0.74%) reported fiscal 2025 first-quarter earnings on Thursday that showed stagnant revenue and big drops in earnings, which could indicate challenges in expanding market share. Even worse, operating income decreased significantly, falling nearly 28% year over year.</p>
<div class="lb-trans"><p>运输和物流服务巨头 <strong>联邦快递</strong>(FDX 0.74%) 在周四公布了 2025 财年第一季度的财报，显示收入停滞不前，利润大幅下滑，这可能表明在扩大市场份额方面存在挑战。更糟糕的是，营业收入大幅下降，同比几乎下降了 28%。</p>
</div><p>Overall, the quarter (which ended Aug. 31) was disappointing, reflecting the impact of reduced demand for priority services and increased operational costs.</p>
<table>
<thead>
<tr>
<th>Metric</th>
<th>Q1 Fiscal 2025</th>
<th>Q1 Fiscal 2024</th>
<th>Change (YOY)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Revenue</td>
<td>$21.6 billion</td>
<td>$21.7 billion</td>
<td>(0.5%)</td>
</tr>
<tr>
<td>Operating income</td>
<td>$1.08 billion</td>
<td>$1.49 billion</td>
<td>(27.5%)</td>
</tr>
<tr>
<td>Operating margin</td>
<td>5.0%</td>
<td>6.8%</td>
<td>(26.5%)</td>
</tr>
<tr>
<td>Net income</td>
<td>$794 million</td>
<td>$1.08 billion</td>
<td>(26.5%)</td>
</tr>
<tr>
<td>EPS (diluted)</td>
<td>$3.21</td>
<td>$4.23</td>
<td>(24.1%)</td>
</tr>
<tr>
<td>Adjusted operating income</td>
<td>$1.21 billion</td>
<td>$1.59 billion</td>
<td>(23.9%)</td>
</tr>
<tr>
<td>Adjusted net income</td>
<td>$0.89 billion</td>
<td>$1.16 billion</td>
<td>(23.3%)</td>
</tr>
<tr>
<td>Adjusted EPS (diluted)</td>
<td>$3.60</td>
<td>$4.55</td>
<td>(20.9%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><p>总体而言，这个截至 8 月 31 日的季度令人失望，反映了对优先服务需求减少和运营成本增加的影响。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 财年第一季度</th>
<th>2024 财年第一季度</th>
<th>变化（同比）</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>216 亿美元</td>
<td>217 亿美元</td>
<td>（下降 0.5%）</td>
</tr>
<tr>
<td>营业收入</td>
<td>10.8 亿美元</td>
<td>14.9 亿美元</td>
<td>（下降 27.5%）</td>
</tr>
<tr>
<td>营业利润率</td>
<td>5.0%</td>
<td>6.8%</td>
<td>（下降 26.5%）</td>
</tr>
<tr>
<td>净收入</td>
<td>7.94 亿美元</td>
<td>10.8 亿美元</td>
<td>（下降 26.5%）</td>
</tr>
<tr>
<td>每股收益（摊薄）</td>
<td>3.21 美元</td>
<td>4.23 美元</td>
<td>（下降 24.1%）</td>
</tr>
<tr>
<td>调整后营业收入</td>
<td>12.1 亿美元</td>
<td>15.9 亿美元</td>
<td>（下降 23.9%）</td>
</tr>
<tr>
<td>调整后净收入</td>
<td>8.9 亿美元</td>
<td>11.6 亿美元</td>
<td>（下降 23.3%）</td>
</tr>
<tr>
<td>调整后每股收益（摊薄）</td>
<td>3.60 美元</td>
<td>4.55 美元</td>
<td>（下降 20.9%）</td>
</tr>
</tbody>
</table>
</div><p>Source: FedEx.</p>
<div class="lb-trans"><p>来源：联邦快递。</p>
</div><h2>Understanding FedEx</h2>
<div class="lb-trans"><h2>了解联邦快递</h2>
</div><p>FedEx is a leader in global transportation and logistics services, offering a wide range of services that include express transportation, freight services, and e-commerce shipping solutions. The core of its business strategy revolves around enhancing operational efficiency, cost control, and technological advancement. Recently, FedEx turned its focus to strategic consolidation efforts, such as its &#34;One FedEx&#34; initiative, merging FedEx Ground and FedEx Services into Federal Express to streamline operations and reduce costs.</p>
<div class="lb-trans"><p>联邦快递是全球运输和物流服务领域的领导者，提供包括快递运输、货运服务和电子商务运输解决方案在内的广泛服务。其业务战略的核心是提高运营效率、控制成本和技术进步。最近，联邦快递将重点转向战略整合努力，如其 “一体化联邦快递” 倡议，将联邦快递地面和联邦快递服务合并为联邦快递，以简化运营并降低成本。</p>
</div><p>Additionally, FedEx has been rolling out its Network 2.0 to optimize surface operations in the U.S. and Canada. Technological advancements, such as the DRIVE program, emphasize data-driven decision-making and cost reduction, targeting $4 billion in structural cost savings by the end of the fiscal year.</p>
<div class="lb-trans"><p>此外，联邦快递一直在推出其 Network 2.0 以优化美国和加拿大的陆运业务。技术进步，如 DRIVE 计划，强调数据驱动的决策和成本削减，旨在通过在财政年度结束时实现 40 亿美元的结构性成本节约。</p>
</div><h2>First-Quarter Highlights</h2>
<div class="lb-trans"><h2>第一季度亮点</h2>
</div><p>FedEx's Q1 revenue remained essentially flat at $21.6 billion. The company's net income fell to $794 million, down nearly 27% year over year, indicating the company is having difficulty managing rising operational costs. Operating income saw a significant drop primarily due to higher wage rates, transportation costs, and operational disruptions. This led to FedEx's operating margin falling to 5%, compared to 6.8% a year ago.</p>
<div class="lb-trans"><p>联邦快递的第一季度收入基本持平，为 216 亿美元。公司的净收入下降至 7.94 亿美元，同比下降近 27%，表明公司在管理不断上升的运营成本方面遇到困难。营业收入出现显著下降，主要是由于工资水平、运输成本和运营中断的增加。这导致联邦快递的营业利润率下降至 5%，而一年前为 6.8%。</p>
</div><p>One of the key strategic moves during the quarter was the complete integration of FedEx Ground and FedEx Services into Federal Express, as part of the One FedEx initiative. This move aims to streamline operations and reduce duplicative costs, which is crucial for long-term efficiency. Moreover, the DRIVE transformation initiative is targeting $4 billion in cost savings for the current fiscal year. It likely contributed some relief during the quarter by helping offset declines in priority service demand.</p>
<div class="lb-trans"><p>季度期间的关键战略举措之一是将联邦快递地面和联邦快递服务完全整合为联邦快递，作为 “一体化联邦快递” 倡议的一部分。这一举措旨在简化运营并降低重复成本，这对于长期效率至关重要。此外，DRIVE 转型计划旨在为当前财年节省 40 亿美元成本。它可能在季度期间提供了一些缓解，帮助抵消了优先服务需求下降。</p>
</div><p>The continued shift in service mix from priority to deferred services constrained FedEx's yield growth, affecting revenue positively but with lower margins. This reflects broader market trends in the e-commerce sector, where demand is shifting towards more cost-effective (yet slower) delivery options.</p>
<div class="lb-trans"><p>服务组合持续从优先服务向延迟服务转变，限制了联邦快递的收益增长，对收入产生了积极影响，但利润率较低。这反映了电子商务行业的更广泛市场趋势，需求正在转向更具成本效益（但速度较慢）的交付选项。</p>
</div><p>FedEx management said it remains committed to its long-term sustainability goals, focusing on transitioning to zero-emission electric vehicles for its parcel pickup-and-delivery fleet by 2040. This aligns with the growing preference for environmentally friendly practices among consumers and regulatory requirements.</p>
<div class="lb-trans"><p>联邦快递管理层表示，他们仍致力于实现长期可持续目标，专注于到 2040 年将包裹提取和递送车队转型为零排放电动车。这符合消费者和监管要求对环保实践日益青睐的趋势。</p>
</div><p>The company said it had completed a $1 billion share buyback initiative during the quarter. The board approved a $1.5 billion buyback for fiscal 2025.</p>
<div class="lb-trans"><p>公司表示，他们在季度内完成了 10 亿美元的股票回购计划。董事会批准了 2025 财年 150 亿美元的回购计划。</p>
</div><h2>Looking Ahead</h2>
<div class="lb-trans"><h2>展望</h2>
</div><p>For the full fiscal year, FedEx revised its revenue growth forecast down and now expects a more conservative low single-digit percentage increase. This revision reflects a cautious stance given the current market conditions, including shifting demand dynamics and higher operational costs.</p>
<div class="lb-trans"><p>对于整个财年，联邦快递下调了其收入增长预测，并现在预计增长幅度更为保守，为低个位数百分比增长。这一修订反映了对当前市场条件的谨慎态度，包括需求动态变化和运营成本上升。</p>
</div><p>The company also lowered its adjusted EPS guidance for the full year, expecting EPS in the range of $17.90 to $18.90 before adjustments (down from $18.25 to $20.25) and adjusted EPS to come in between $20 to $21 (down from prior guidance of $20 to $22).</p>
<div class="lb-trans"><p>公司还下调了全年调整后每股收益指引，预计调整前每股收益在 17.90 至 18.90 美元之间（下调自 18.25 至 20.25 美元），调整后每股收益在 20 至 21 美元之间（下调自 20 至 22 美元）。</p>
</div><p>Investors and analysts should closely monitor how well FedEx executes its cost-saving and consolidation plans, as these will be critical for maintaining profitability and achieving long-term growth.</p>
<div class="lb-trans"><p>投资者和分析师应密切关注联邦快递执行其节约成本和整合计划的情况，这将对维持盈利能力和实现长期增长至关重要。</p>
</div>

联邦快递报告第一季度收入持平，每股收益下降