FedEx (FDX) signs long-term agreement with Atlas Air
This story originally appeared on Zack
FedEx FDX recently announced that it has entered into a long-term air cargo partnership with Atlas Air Holdings in the world‘ AAWW Atlas Air subsidiary. The agreement aims to increase air cargo capacity during peak shipping seasons.
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As per the agreement, which is very positive for the air freight industry, Atlas Air will supply FedEx with two 747-400 cargo planes on the basis of one aircraft, crew, maintenance and insurance. (ACMI) full time. 747-400 freighters help FedEx support its growing express and e-commerce network. Both freighters have already come online and are flying on behalf of the Memphis, TN-based package delivery company.
The new agreement between the companies is in addition to the existing multi-year peak season contract that provides FedEx with a minimum of five jets during the fourth quarter. Atlas Air Worldwide President and CEO John W. Dietrich was visibly pleased with this development and said, “We are delighted to grow our long-term relationship with FedEx. This agreement reflects the continued strong demand for air freight capacity, particularly in the express and e-commerce markets.
Agreement with Atlas Air is similar to that of FedEx results for the first quarter of fiscal 2022. The company reported lower than expected earnings per share due to escalating costs and supply chain disruptions. The same headwinds are behind the downward revision of its earnings outlook for fiscal 2022.
Zacks ranking and actions to take into account
FedEx currently carries a Zacks Rank # 3 (Hold). Some stocks better ranked in the Zacks at large Transport sector are Schneider National SNDR and Matson MATX, each currently sporting a Rank 1 of Zacks (strong buy). You can see The full list of today’s Zacks # 1 Rank stocks here.
Shares of Schneider National and Matson have risen 43.7% and 10.7%, respectively, since the start of the year.
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FedEx Corporation (FDX): Free Stock Analysis Report
Matson, Inc. (MATX): Free Stock Analysis Report
Atlas Air Worldwide Holdings (AAWW): Free Stock Analysis Report
Schneider National, Inc. (SNDR): Free Inventory Analysis Report