<p>联邦快递公司（FedEx Corporation (FDX)）已召开第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>联邦快递在强劲的盈利势头与运营挑战之间取得平衡</p>
<p>联邦快递公司的最新财报电话会议描绘了一个强劲势头的画面，但同时也面临显著的运营挑战。管理层传达了整体积极的语气，强调了由战略举措和不断扩大的企业对企业（B2B）业务推动的强劲收入和每股收益（EPS）增长。同时，管理层也承认，由于 MD-11 机队停飞和工业需求持续疲软，面临着显著的逆风。尽管如此，持续的网络转型和计划中的货运分拆使投资者对未来持乐观态度。</p>
<h2>强劲的收入和 EPS 增长支撑信心</h2>
<p>联邦快递报告称，收入同比增长 7%，调整后的每股收益上升 19%，这表明其核心业务在动荡的宏观环境中表现良好。公司还实现了调整后营业收入增长 17%，调整后营业利润率扩大 100 个基点，反映出改善的定价纪律和成本管理。管理层强调，这些增长是广泛的，以美国国内包裹服务为主要驱动因素，强化了公司在应对运营干扰和行业特定疲软时仍能实现利润增长的能力。</p>
<h2>B2B 部门成为增长引擎</h2>
<p>B2B 部门再次成为主要增长催化剂，为公司本季度的收入增长贡献了近一半。联邦快递强调了在医疗保健和汽车等高价值垂直领域的强劲势头，这些领域对可靠性和时效性交付至关重要。这些领域的新业务胜利帮助联邦快递减少对波动较大的消费者电子商务量的依赖，并加深与工业和商业客户的关系。管理层将 B2B 视为结构性顺风，支持长期的收入质量和利润率扩张。</p>
<h2>网络 2.0 转型推动效率提升</h2>
<p>联邦快递继续推进其网络 2.0 计划，这是一个多年的努力，旨在简化和优化其交付基础设施。公司报告称，24% 的合格货量现在通过优化设施流动，这是实现更集成和高效网络的关键里程碑。这一转型旨在减少冗余，降低处理和运输成本，并提高服务可靠性。联邦快递重申，预计到 2027 财年将解锁显著的成本节约和运营效率，将网络 2.0 视为其盈利战略的核心支柱。</p>
<h2>联邦快递货运分拆计划推进</h2>
<p>公司确认，分拆联邦快递货运的准备工作仍然按计划于 2026 年 6 月进行。独立货运业务的执行团队已经到位，战略规划正在推进。管理层将分拆框架视为使联邦快递的核心包裹业务和货运业务获得更明确的战略重点和更量身定制的资本配置。对于投资者而言，分拆被视为一个价值释放事件，可能突显这两项业务的不同增长和利润率特征。</p>
<h2>数字和人工智能投资增强能力</h2>
<p>联邦快递正在加大对数字和人工智能的投资，明确强调改善客户服务和运营效率。公司正在其网络中扩大人工智能应用，从路线优化和容量规划到预测分析。这些工具在医疗保健和数据中心等复杂、高价值行业中尤为重要，在这些行业中，精确的物流至关重要。通过深化数字能力，联邦快递旨在建立更紧密的客户关系，减少运营浪费，更好地管理包裹流动的波动性。</p>
<h2>MD-11 机队停飞对运营造成影响</h2>
<p>本季度最显著的挫折之一是 MD-11 机队的意外停飞，这扰乱了运营并增加了成本。管理层量化了对第二季度调整后营业收入的影响，约为 2500 万美元，并警告第三季度可能会有额外成本。停飞迫使联邦快递迅速重新配置其部分空中网络，突显了其全球运营的复杂性以及持续机队现代化的重要性。尽管这一问题正在积极管理，但仍然是短期内盈利能力的拖累。</p>
<h2>工业疲软影响联邦快递货运</h2>
<p>联邦快递货运继续受到疲软的工业经济的压力，这一主题在整个季度对该部门的表现产生了影响。该业务的日均发货量下降，加上来自工业客户的需求疲软，预计将导致调整后营业收入下降 3 亿美元。管理层承认这一周期性逆风，但强调持续努力管理成本和保持定价纪律。货运的疲软也为计划中的分拆提供了背景，这可能使该部门在应对自身经济周期时更具灵活性。</p>
<h2>成本上升和下半年逆风</h2>
<p>尽管盈利增长强劲，联邦快递在财年的后半段面临更大的成本压力。公司预计下半年将面临约 6 亿美元的挑战，包括更高的可变激励薪酬、持续疲软的零担货运（LTL）业务以及与 MD-11 停飞相关的成本。这些因素将抵消网络优化和 B2B 扩展带来的部分运营收益。尽管如此，管理层重申了对成本控制和网络效率的承诺，以帮助缓解这些压力。</p>
<h2>尽管面临干扰，前瞻性指引依然乐观</h2>
<p>在 2026 财年的剩余时间里，联邦快递保持了乐观的前景，反映出对其战略和韧性的信心。公司重申了 7% 的收入增长轨迹，并强调联邦快递公司的调整后营业收入增长 24% 以及美国国内包裹收益增长 5% 作为关键绩效指标。重要的是，联邦快递将其调整后的每股收益指引提高至 17.80 美元至 19.00 美元的区间，表明管理层预计在考虑 MD-11 停飞和工业疲软后，仍会有强劲的利润增长。联邦快递货运分拆的持续进展以及网络 2.0 和数字化举措的推进是这一积极展望的核心。</p>
<p>总之，联邦快递最新的财报电话会议展示了一家在战略转型中表现良好的公司，同时也在应对真实但可控的挑战。强劲的 B2B 增长、扩大的利润率和持续的网络优化推动了稳健的财务业绩，即使停飞的 MD-11 机队和疲软的工业背景在短期内造成了一些噪音。对于投资者而言，这个故事依然是稳步的运营改善、上升的盈利能力以及来自货运分拆和数字投资的潜在长期价值创造。</p>

联邦快递

<p>联邦快递公司第二季度的财报电话会议强调了尽管面临运营挑战，但收入和每股收益（EPS）仍实现了强劲增长。公司报告收入增长 7%，调整后每股收益增长 19%。主要增长动力包括 B2B 业务和网络 2.0 转型。然而，MD-11 机队的停飞和工业疲软对运营产生了影响。联邦快递还确认计划在 2026 年 6 月之前剥离其货运业务，并强调对数字和人工智能项目的投资</p>

<p>FedEx Corporation ((FDX)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>联邦快递公司（FedEx Corporation (FDX)）已召开第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，放心投资</h3>
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<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更明智、更精准的决策</li>
<li>通过最新的新闻和分析保持领先于市场，以便您的投资组合始终处于最大潜力的状态</li>
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</div><p>FedEx Balances Strong Earnings Momentum With Operational Headwinds</p>
<div class="lb-trans"><p>联邦快递在强劲的盈利势头与运营挑战之间取得平衡</p>
</div><p>FedEx Corporation’s latest earnings call painted a picture of solid momentum tempered by notable operational challenges. Management struck an overall positive tone, underscoring strong revenue and earnings per share (EPS) growth powered by strategic initiatives and an expanding business-to-business (B2B) franchise. At the same time, executives acknowledged meaningful headwinds from the grounded MD-11 fleet and continued weakness in industrial demand. Even so, ongoing network transformation and the planned freight spin-off left investors with a generally optimistic outlook.</p>
<div class="lb-trans"><p>联邦快递公司的最新财报电话会议描绘了一个强劲势头的画面，但同时也面临显著的运营挑战。管理层传达了整体积极的语气，强调了由战略举措和不断扩大的企业对企业（B2B）业务推动的强劲收入和每股收益（EPS）增长。同时，管理层也承认，由于 MD-11 机队停飞和工业需求持续疲软，面临着显著的逆风。尽管如此，持续的网络转型和计划中的货运分拆使投资者对未来持乐观态度。</p>
</div><h2>Robust Revenue and EPS Growth Underpins Confidence</h2>
<div class="lb-trans"><h2>强劲的收入和 EPS 增长支撑信心</h2>
</div><p>FedEx reported a 7% year-over-year increase in revenue and a 19% rise in adjusted EPS, signaling that its core businesses are performing well despite a choppy macro environment. The company also delivered a 17% increase in adjusted operating income and expanded its adjusted operating margin by 100 basis points, reflecting improved pricing discipline and cost management. Management emphasized that these gains were broad-based, with U.S. domestic package services a key driver, reinforcing the company’s ability to grow profits even as it navigates operational disruptions and sector-specific softness.</p>
<div class="lb-trans"><p>联邦快递报告称，收入同比增长 7%，调整后的每股收益上升 19%，这表明其核心业务在动荡的宏观环境中表现良好。公司还实现了调整后营业收入增长 17%，调整后营业利润率扩大 100 个基点，反映出改善的定价纪律和成本管理。管理层强调，这些增长是广泛的，以美国国内包裹服务为主要驱动因素，强化了公司在应对运营干扰和行业特定疲软时仍能实现利润增长的能力。</p>
</div><h2>B2B Segment Emerges as a Growth Engine</h2>
<div class="lb-trans"><h2>B2B 部门成为增长引擎</h2>
</div><p>The B2B segment again took center stage as a major growth catalyst, contributing nearly half of the company’s revenue increase for the quarter. FedEx highlighted strong momentum in high-value verticals such as healthcare and automotive, where reliability and time-sensitive delivery are critical. New business wins in these areas are helping FedEx diversify away from more volatile consumer e-commerce volumes and deepen relationships with industrial and commercial customers. Management positioned B2B as a structural tailwind, supporting both revenue quality and margin expansion over the long term.</p>
<div class="lb-trans"><p>B2B 部门再次成为主要增长催化剂，为公司本季度的收入增长贡献了近一半。联邦快递强调了在医疗保健和汽车等高价值垂直领域的强劲势头，这些领域对可靠性和时效性交付至关重要。这些领域的新业务胜利帮助联邦快递减少对波动较大的消费者电子商务量的依赖，并加深与工业和商业客户的关系。管理层将 B2B 视为结构性顺风，支持长期的收入质量和利润率扩张。</p>
</div><h2>Network 2.0 Transformation Drives Efficiency</h2>
<div class="lb-trans"><h2>网络 2.0 转型推动效率提升</h2>
</div><p>FedEx continued to advance its Network 2.0 initiative, a multi-year effort to streamline and optimize its delivery infrastructure. The company reported that 24% of eligible volume is now flowing through optimized facilities, a key milestone toward a more integrated and efficient network. This transformation is designed to reduce redundancy, cut handling and transportation costs, and improve service reliability. FedEx reiterated that it is on track to unlock significant cost savings and operational efficiencies by fiscal 2027, framing Network 2.0 as a central pillar of its profitability strategy.</p>
<div class="lb-trans"><p>联邦快递继续推进其网络 2.0 计划，这是一个多年的努力，旨在简化和优化其交付基础设施。公司报告称，24% 的合格货量现在通过优化设施流动，这是实现更集成和高效网络的关键里程碑。这一转型旨在减少冗余，降低处理和运输成本，并提高服务可靠性。联邦快递重申，预计到 2027 财年将解锁显著的成本节约和运营效率，将网络 2.0 视为其盈利战略的核心支柱。</p>
</div><h2>FedEx Freight Spin-off Plans Move Forward</h2>
<div class="lb-trans"><h2>联邦快递货运分拆计划推进</h2>
</div><p>The company confirmed that preparations to spin off FedEx Freight remain firmly on schedule for June 2026. The executive team for the standalone freight business is already in place, and strategic planning is progressing. Management framed the separation as a way to give both FedEx’s core parcel operations and the freight business sharper strategic focus and more tailored capital allocation. For investors, the spin-off is being positioned as a value-unlocking event that could highlight the distinct growth and margin profiles of the two businesses.</p>
<div class="lb-trans"><p>公司确认，分拆联邦快递货运的准备工作仍然按计划于 2026 年 6 月进行。独立货运业务的执行团队已经到位，战略规划正在推进。管理层将分拆框架视为使联邦快递的核心包裹业务和货运业务获得更明确的战略重点和更量身定制的资本配置。对于投资者而言，分拆被视为一个价值释放事件，可能突显这两项业务的不同增长和利润率特征。</p>
</div><h2>Digital and AI Investments Enhance Capabilities</h2>
<div class="lb-trans"><h2>数字和人工智能投资增强能力</h2>
</div><p>FedEx is stepping up its digital and artificial intelligence initiatives, with a clear emphasis on improving customer service and operational efficiency. The company is scaling AI applications across its network, from route optimization and capacity planning to predictive analytics. These tools are particularly important in complex, high-value sectors like healthcare and data centers, where precise logistics are essential. By deepening its digital capabilities, FedEx aims to create stickier customer relationships, reduce operational waste, and better manage the volatility of package flows.</p>
<div class="lb-trans"><p>联邦快递正在加大对数字和人工智能的投资，明确强调改善客户服务和运营效率。公司正在其网络中扩大人工智能应用，从路线优化和容量规划到预测分析。这些工具在医疗保健和数据中心等复杂、高价值行业中尤为重要，在这些行业中，精确的物流至关重要。通过深化数字能力，联邦快递旨在建立更紧密的客户关系，减少运营浪费，更好地管理包裹流动的波动性。</p>
</div><h2>MD-11 Fleet Grounding Weighs on Operations</h2>
<div class="lb-trans"><h2>MD-11 机队停飞对运营造成影响</h2>
</div><p>One of the quarter’s most significant setbacks was the unexpected grounding of the MD-11 fleet, which disrupted operations and added to costs. Management quantified the impact at roughly $25 million in adjusted operating income for the second quarter and warned that additional costs are likely in the third quarter. The grounding forced FedEx to reconfigure portions of its air network quickly, underscoring both the complexity of its global operations and the importance of ongoing fleet modernization. While the issue is being actively managed, it remains a near-term drag on profitability.</p>
<div class="lb-trans"><p>本季度最显著的挫折之一是 MD-11 机队的意外停飞，这扰乱了运营并增加了成本。管理层量化了对第二季度调整后营业收入的影响，约为 2500 万美元，并警告第三季度可能会有额外成本。停飞迫使联邦快递迅速重新配置其部分空中网络，突显了其全球运营的复杂性以及持续机队现代化的重要性。尽管这一问题正在积极管理，但仍然是短期内盈利能力的拖累。</p>
</div><h2>Industrial Weakness Hits FedEx Freight</h2>
<div class="lb-trans"><h2>工业疲软影响联邦快递货运</h2>
</div><p>FedEx Freight continues to be pressured by a weak industrial economy, a theme that weighed on the segment’s performance throughout the quarter. The business saw a decline in average daily shipments, which, combined with softer demand from industrial customers, is expected to drive a $300 million decline in adjusted operating income. Management acknowledged this cyclical headwind but emphasized ongoing efforts to manage costs and maintain pricing discipline. The freight softness also adds context to the planned spin-off, which may allow the segment more flexibility to navigate its own economic cycles.</p>
<div class="lb-trans"><p>联邦快递货运继续受到疲软的工业经济的压力，这一主题在整个季度对该部门的表现产生了影响。该业务的日均发货量下降，加上来自工业客户的需求疲软，预计将导致调整后营业收入下降 3 亿美元。管理层承认这一周期性逆风，但强调持续努力管理成本和保持定价纪律。货运的疲软也为计划中的分拆提供了背景，这可能使该部门在应对自身经济周期时更具灵活性。</p>
</div><h2>Rising Costs and Second-Half Headwinds</h2>
<div class="lb-trans"><h2>成本上升和下半年逆风</h2>
</div><p>Despite strong earnings growth, FedEx is contending with a heavier cost burden in the back half of the fiscal year. The company flagged approximately $600 million in second-half headwinds, including higher variable incentive compensation, continued softness in the less-than-truckload (LTL) business, and costs tied to the MD-11 grounding. These factors will offset some of the operational gains from network optimization and B2B expansion. Nonetheless, management reiterated its commitment to cost discipline and network efficiencies to help cushion these pressures.</p>
<div class="lb-trans"><p>尽管盈利增长强劲，联邦快递在财年的后半段面临更大的成本压力。公司预计下半年将面临约 6 亿美元的挑战，包括更高的可变激励薪酬、持续疲软的零担货运（LTL）业务以及与 MD-11 停飞相关的成本。这些因素将抵消网络优化和 B2B 扩展带来的部分运营收益。尽管如此，管理层重申了对成本控制和网络效率的承诺，以帮助缓解这些压力。</p>
</div><h2>Forward-Looking Guidance Stays Upbeat Despite Disruptions</h2>
<div class="lb-trans"><h2>尽管面临干扰，前瞻性指引依然乐观</h2>
</div><p>For the remainder of fiscal 2026, FedEx maintained an upbeat outlook, reflecting confidence in its strategy and resilience. The company reaffirmed the 7% revenue growth trajectory and highlighted a 24% increase in adjusted operating income at Federal Express Corporation and a 5% rise in U.S. domestic package yield as key performance indicators. Importantly, FedEx raised its adjusted EPS guidance to a range of $17.80 to $19.00, signaling that management expects strong profit growth even after accounting for the MD-11 disruption and industrial softness. The continued progress toward the FedEx Freight spin-off and the ramp-up of Network 2.0 and digital initiatives are central to this constructive view.</p>
<div class="lb-trans"><p>在 2026 财年的剩余时间里，联邦快递保持了乐观的前景，反映出对其战略和韧性的信心。公司重申了 7% 的收入增长轨迹，并强调联邦快递公司的调整后营业收入增长 24% 以及美国国内包裹收益增长 5% 作为关键绩效指标。重要的是，联邦快递将其调整后的每股收益指引提高至 17.80 美元至 19.00 美元的区间，表明管理层预计在考虑 MD-11 停飞和工业疲软后，仍会有强劲的利润增长。联邦快递货运分拆的持续进展以及网络 2.0 和数字化举措的推进是这一积极展望的核心。</p>
</div><p>In sum, FedEx’s latest earnings call showcased a company executing well on its strategic transformation while wrestling with real but manageable headwinds. Strong B2B growth, expanding margins, and ongoing network optimization are driving solid financial results, even as the grounded MD-11 fleet and a sluggish industrial backdrop create near-term noise. For investors, the story remains one of steady operational improvement, rising earnings power, and potential long-term value creation from the freight spin-off and digital investments.</p>
<div class="lb-trans"><p>总之，联邦快递最新的财报电话会议展示了一家在战略转型中表现良好的公司，同时也在应对真实但可控的挑战。强劲的 B2B 增长、扩大的利润率和持续的网络优化推动了稳健的财务业绩，即使停飞的 MD-11 机队和疲软的工业背景在短期内造成了一些噪音。对于投资者而言，这个故事依然是稳步的运营改善、上升的盈利能力以及来自货运分拆和数字投资的潜在长期价值创造。</p>
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联邦快递财报电话会议：在面临关键阻力的情况下实现强劲增长