<p>聯邦快遞公司（FedEx Corporation (FDX)）已召開第二季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>聯邦快遞在強勁的盈利勢頭與運營挑戰之間取得平衡</p>
<p>聯邦快遞公司的最新財報電話會議描繪了一個強勁勢頭的畫面，但同時也面臨顯著的運營挑戰。管理層傳達了整體積極的語氣，強調了由戰略舉措和不斷擴大的企業對企業（B2B）業務推動的強勁收入和每股收益（EPS）增長。同時，管理層也承認，由於 MD-11 機隊停飛和工業需求持續疲軟，面臨着顯著的逆風。儘管如此，持續的網絡轉型和計劃中的貨運分拆使投資者對未來持樂觀態度。</p>
<h2>強勁的收入和 EPS 增長支撐信心</h2>
<p>聯邦快遞報告稱，收入同比增長 7%，調整後的每股收益上升 19%，這表明其核心業務在動盪的宏觀環境中表現良好。公司還實現了調整後營業收入增長 17%，調整後營業利潤率擴大 100 個基點，反映出改善的定價紀律和成本管理。管理層強調，這些增長是廣泛的，以美國國內包裹服務為主要驅動因素，強化了公司在應對運營幹擾和行業特定疲軟時仍能實現利潤增長的能力。</p>
<h2>B2B 部門成為增長引擎</h2>
<p>B2B 部門再次成為主要增長催化劑，為公司本季度的收入增長貢獻了近一半。聯邦快遞強調了在醫療保健和汽車等高價值垂直領域的強勁勢頭，這些領域對可靠性和時效性交付至關重要。這些領域的新業務勝利幫助聯邦快遞減少對波動較大的消費者電子商務量的依賴，並加深與工業和商業客户的關係。管理層將 B2B 視為結構性順風，支持長期的收入質量和利潤率擴張。</p>
<h2>網絡 2.0 轉型推動效率提升</h2>
<p>聯邦快遞繼續推進其網絡 2.0 計劃，這是一個多年的努力，旨在簡化和優化其交付基礎設施。公司報告稱，24% 的合格貨量現在通過優化設施流動，這是實現更集成和高效網絡的關鍵里程碑。這一轉型旨在減少冗餘，降低處理和運輸成本，並提高服務可靠性。聯邦快遞重申，預計到 2027 財年將解鎖顯著的成本節約和運營效率，將網絡 2.0 視為其盈利戰略的核心支柱。</p>
<h2>聯邦快遞貨運分拆計劃推進</h2>
<p>公司確認，分拆聯邦快遞貨運的準備工作仍然按計劃於 2026 年 6 月進行。獨立貨運業務的執行團隊已經到位，戰略規劃正在推進。管理層將分拆框架視為使聯邦快遞的核心包裹業務和貨運業務獲得更明確的戰略重點和更量身定製的資本配置。對於投資者而言，分拆被視為一個價值釋放事件，可能突顯這兩項業務的不同增長和利潤率特徵。</p>
<h2>數字和人工智能投資增強能力</h2>
<p>聯邦快遞正在加大對數字和人工智能的投資，明確強調改善客户服務和運營效率。公司正在其網絡中擴大人工智能應用，從路線優化和容量規劃到預測分析。這些工具在醫療保健和數據中心等複雜、高價值行業中尤為重要，在這些行業中，精確的物流至關重要。通過深化數字能力，聯邦快遞旨在建立更緊密的客户關係，減少運營浪費，更好地管理包裹流動的波動性。</p>
<h2>MD-11 機隊停飛對運營造成影響</h2>
<p>本季度最顯著的挫折之一是 MD-11 機隊的意外停飛，這擾亂了運營並增加了成本。管理層量化了對第二季度調整後營業收入的影響，約為 2500 萬美元，並警告第三季度可能會有額外成本。停飛迫使聯邦快遞迅速重新配置其部分空中網絡，突顯了其全球運營的複雜性以及持續機隊現代化的重要性。儘管這一問題正在積極管理，但仍然是短期內盈利能力的拖累。</p>
<h2>工業疲軟影響聯邦快遞貨運</h2>
<p>聯邦快遞貨運繼續受到疲軟的工業經濟的壓力，這一主題在整個季度對該部門的表現產生了影響。該業務的日均發貨量下降，加上來自工業客户的需求疲軟，預計將導致調整後營業收入下降 3 億美元。管理層承認這一週期性逆風，但強調持續努力管理成本和保持定價紀律。貨運的疲軟也為計劃中的分拆提供了背景，這可能使該部門在應對自身經濟週期時更具靈活性。</p>
<h2>成本上升和下半年逆風</h2>
<p>儘管盈利增長強勁，聯邦快遞在財年的後半段面臨更大的成本壓力。公司預計下半年將面臨約 6 億美元的挑戰，包括更高的可變激勵薪酬、持續疲軟的零擔貨運（LTL）業務以及與 MD-11 停飛相關的成本。這些因素將抵消網絡優化和 B2B 擴展帶來的部分運營收益。儘管如此，管理層重申了對成本控制和網絡效率的承諾，以幫助緩解這些壓力。</p>
<h2>儘管面臨干擾，前瞻性指引依然樂觀</h2>
<p>在 2026 財年的剩餘時間裏，聯邦快遞保持了樂觀的前景，反映出對其戰略和韌性的信心。公司重申了 7% 的收入增長軌跡，並強調聯邦快遞公司的調整後營業收入增長 24% 以及美國國內包裹收益增長 5% 作為關鍵績效指標。重要的是，聯邦快遞將其調整後的每股收益指引提高至 17.80 美元至 19.00 美元的區間，表明管理層預計在考慮 MD-11 停飛和工業疲軟後，仍會有強勁的利潤增長。聯邦快遞貨運分拆的持續進展以及網絡 2.0 和數字化舉措的推進是這一積極展望的核心。</p>
<p>總之，聯邦快遞最新的財報電話會議展示了一家在戰略轉型中表現良好的公司，同時也在應對真實但可控的挑戰。強勁的 B2B 增長、擴大的利潤率和持續的網絡優化推動了穩健的財務業績，即使停飛的 MD-11 機隊和疲軟的工業背景在短期內造成了一些噪音。對於投資者而言，這個故事依然是穩步的運營改善、上升的盈利能力以及來自貨運分拆和數字投資的潛在長期價值創造。</p>

聯邦快遞

<p>聯邦快遞公司第二季度的財報電話會議強調了儘管面臨運營挑戰，但收入和每股收益（EPS）仍實現了強勁增長。公司報告收入增長 7%，調整後每股收益增長 19%。主要增長動力包括 B2B 業務和網絡 2.0 轉型。然而，MD-11 機隊的停飛和工業疲軟對運營產生了影響。聯邦快遞還確認計劃在 2026 年 6 月之前剝離其貨運業務，並強調對數字和人工智能項目的投資</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>聯邦快遞公司（FedEx Corporation (FDX)）已召開第二季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，放心投資</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>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更明智、更精準的決策</li>
<li>通過最新的新聞和分析保持領先於市場，以便您的投資組合始終處於最大潛力的狀態</li>
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</div><p>FedEx Balances Strong Earnings Momentum With Operational Headwinds</p>
<div class="lb-trans"><p>聯邦快遞在強勁的盈利勢頭與運營挑戰之間取得平衡</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>聯邦快遞公司的最新財報電話會議描繪了一個強勁勢頭的畫面，但同時也面臨顯著的運營挑戰。管理層傳達了整體積極的語氣，強調了由戰略舉措和不斷擴大的企業對企業（B2B）業務推動的強勁收入和每股收益（EPS）增長。同時，管理層也承認，由於 MD-11 機隊停飛和工業需求持續疲軟，面臨着顯著的逆風。儘管如此，持續的網絡轉型和計劃中的貨運分拆使投資者對未來持樂觀態度。</p>
</div><h2>Robust Revenue and EPS Growth Underpins Confidence</h2>
<div class="lb-trans"><h2>強勁的收入和 EPS 增長支撐信心</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>聯邦快遞報告稱，收入同比增長 7%，調整後的每股收益上升 19%，這表明其核心業務在動盪的宏觀環境中表現良好。公司還實現了調整後營業收入增長 17%，調整後營業利潤率擴大 100 個基點，反映出改善的定價紀律和成本管理。管理層強調，這些增長是廣泛的，以美國國內包裹服務為主要驅動因素，強化了公司在應對運營幹擾和行業特定疲軟時仍能實現利潤增長的能力。</p>
</div><h2>B2B Segment Emerges as a Growth Engine</h2>
<div class="lb-trans"><h2>B2B 部門成為增長引擎</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 部門再次成為主要增長催化劑，為公司本季度的收入增長貢獻了近一半。聯邦快遞強調了在醫療保健和汽車等高價值垂直領域的強勁勢頭，這些領域對可靠性和時效性交付至關重要。這些領域的新業務勝利幫助聯邦快遞減少對波動較大的消費者電子商務量的依賴，並加深與工業和商業客户的關係。管理層將 B2B 視為結構性順風，支持長期的收入質量和利潤率擴張。</p>
</div><h2>Network 2.0 Transformation Drives Efficiency</h2>
<div class="lb-trans"><h2>網絡 2.0 轉型推動效率提升</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>聯邦快遞繼續推進其網絡 2.0 計劃，這是一個多年的努力，旨在簡化和優化其交付基礎設施。公司報告稱，24% 的合格貨量現在通過優化設施流動，這是實現更集成和高效網絡的關鍵里程碑。這一轉型旨在減少冗餘，降低處理和運輸成本，並提高服務可靠性。聯邦快遞重申，預計到 2027 財年將解鎖顯著的成本節約和運營效率，將網絡 2.0 視為其盈利戰略的核心支柱。</p>
</div><h2>FedEx Freight Spin-off Plans Move Forward</h2>
<div class="lb-trans"><h2>聯邦快遞貨運分拆計劃推進</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>公司確認，分拆聯邦快遞貨運的準備工作仍然按計劃於 2026 年 6 月進行。獨立貨運業務的執行團隊已經到位，戰略規劃正在推進。管理層將分拆框架視為使聯邦快遞的核心包裹業務和貨運業務獲得更明確的戰略重點和更量身定製的資本配置。對於投資者而言，分拆被視為一個價值釋放事件，可能突顯這兩項業務的不同增長和利潤率特徵。</p>
</div><h2>Digital and AI Investments Enhance Capabilities</h2>
<div class="lb-trans"><h2>數字和人工智能投資增強能力</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>聯邦快遞正在加大對數字和人工智能的投資，明確強調改善客户服務和運營效率。公司正在其網絡中擴大人工智能應用，從路線優化和容量規劃到預測分析。這些工具在醫療保健和數據中心等複雜、高價值行業中尤為重要，在這些行業中，精確的物流至關重要。通過深化數字能力，聯邦快遞旨在建立更緊密的客户關係，減少運營浪費，更好地管理包裹流動的波動性。</p>
</div><h2>MD-11 Fleet Grounding Weighs on Operations</h2>
<div class="lb-trans"><h2>MD-11 機隊停飛對運營造成影響</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>本季度最顯著的挫折之一是 MD-11 機隊的意外停飛，這擾亂了運營並增加了成本。管理層量化了對第二季度調整後營業收入的影響，約為 2500 萬美元，並警告第三季度可能會有額外成本。停飛迫使聯邦快遞迅速重新配置其部分空中網絡，突顯了其全球運營的複雜性以及持續機隊現代化的重要性。儘管這一問題正在積極管理，但仍然是短期內盈利能力的拖累。</p>
</div><h2>Industrial Weakness Hits FedEx Freight</h2>
<div class="lb-trans"><h2>工業疲軟影響聯邦快遞貨運</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>聯邦快遞貨運繼續受到疲軟的工業經濟的壓力，這一主題在整個季度對該部門的表現產生了影響。該業務的日均發貨量下降，加上來自工業客户的需求疲軟，預計將導致調整後營業收入下降 3 億美元。管理層承認這一週期性逆風，但強調持續努力管理成本和保持定價紀律。貨運的疲軟也為計劃中的分拆提供了背景，這可能使該部門在應對自身經濟週期時更具靈活性。</p>
</div><h2>Rising Costs and Second-Half Headwinds</h2>
<div class="lb-trans"><h2>成本上升和下半年逆風</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>儘管盈利增長強勁，聯邦快遞在財年的後半段面臨更大的成本壓力。公司預計下半年將面臨約 6 億美元的挑戰，包括更高的可變激勵薪酬、持續疲軟的零擔貨運（LTL）業務以及與 MD-11 停飛相關的成本。這些因素將抵消網絡優化和 B2B 擴展帶來的部分運營收益。儘管如此，管理層重申了對成本控制和網絡效率的承諾，以幫助緩解這些壓力。</p>
</div><h2>Forward-Looking Guidance Stays Upbeat Despite Disruptions</h2>
<div class="lb-trans"><h2>儘管面臨干擾，前瞻性指引依然樂觀</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 財年的剩餘時間裏，聯邦快遞保持了樂觀的前景，反映出對其戰略和韌性的信心。公司重申了 7% 的收入增長軌跡，並強調聯邦快遞公司的調整後營業收入增長 24% 以及美國國內包裹收益增長 5% 作為關鍵績效指標。重要的是，聯邦快遞將其調整後的每股收益指引提高至 17.80 美元至 19.00 美元的區間，表明管理層預計在考慮 MD-11 停飛和工業疲軟後，仍會有強勁的利潤增長。聯邦快遞貨運分拆的持續進展以及網絡 2.0 和數字化舉措的推進是這一積極展望的核心。</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>總之，聯邦快遞最新的財報電話會議展示了一家在戰略轉型中表現良好的公司，同時也在應對真實但可控的挑戰。強勁的 B2B 增長、擴大的利潤率和持續的網絡優化推動了穩健的財務業績，即使停飛的 MD-11 機隊和疲軟的工業背景在短期內造成了一些噪音。對於投資者而言，這個故事依然是穩步的運營改善、上升的盈利能力以及來自貨運分拆和數字投資的潛在長期價值創造。</p>
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聯邦快遞財報電話會議：在面臨關鍵阻力的情況下實現強勁增長