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FedEx Q1 results hit by TNT cyberattack

MEMPHIS/MIAMI: September 20, 2017. FedEx Corporation has reported adjusted first quarter (Q1) revenue of US$15.3 billion, up from US$14.7 billion year-on-year, and net income of US$683 million, down from US$760 million in Q1 a year ago due to the US$300 million cost of the 'NotPetya' cyberattack in June.

Bunny  Funny"The first quarter posed significant operational challenges due to the TNT Express cyberattack and Hurricane Harvey, and I want to thank our team members for their extraordinary dedication and performance," said Fred Smith, FedEx Corp. chairman and CEO. "We reaffirm our commitment to improve operating income at the FedEx Express segment by US$1.2 billion to US$1.5 billion in fiscal 2020 versus fiscal 2017," he added.

FedEx Express reported a decline in Q1 operating income to US$521 million despite an increase in revenue to US$8.65 billion. The business unit cited the cyberattack and US$88 million in TNT Express integration expenses.

The Integator said that while most TNT Express services resumed during the quarter, volumes, revenue and profit still remain below previous levels.

Meanwhile FedEx has responded to the aftermath of Hurricane Irma by rescuing over 150 shelter dogs and cats from Florida and delivering them to 'no-kill' shelters and potential new homes in California and Washington State.

The donated FedEx MD11 arrived in Miami last week filled with more than US$11 million in hurricane relief aid from Direct Relief and Heart to Heart International which will be used in Florida and the Caribbean. After offloading the supplies, the animals were boarded for the return flight to Oakland, CA.

(Pictured: Three month-old Chihuahua mixes Bunny and Funny prior to their flight from Florida to California.)

U.S. residents interested in adopting a shelter animal can visit: https://www.aspca.org/

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