FedEx Corp. has adjusted expectations for its FedEx Freight unit, with a planned spinoff now set for June 1. During the fiscal second quarter, revenue for FedEx Freight fell 1.7% to $2.14 billion, with a 2.8% decline in tonnage. Manufacturing data for November showed continued decline, with the Purchasing Managers’ Index at 48.2. FedEx Freight’s adjusted operating ratio was 88.7%, 300 bps worse y/y. Revenue is expected to decline slightly y/y for the fiscal year ending May 31. FedEx reported consolidated adjusted earnings per share of $4.82 for its fiscal second quarter, with revenue of $23.5 billion. The company raised guidance for fiscal year 2026.

Read more at Yahoo Finance: FedEx Freight outlook lowered for fiscal 2026