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FedEx Corp (NYSE:FDX) shares are trading lower Monday after the company announced it will end domestic transportation services for the United States Postal Service this year.
What Happened: FedEx said it failed to reach an agreement on mutually beneficial terms with USPS following extensive discussions that concluded on March 29. As a result, the company’s agreement to provide domestic transportation services for USPS will expire by its terms on September 29, 2024.
FedEx Express will continue to provide air transportation services domestically and to Puerto Rico through the contract expiration.
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While FedEx failed to reach an agreement, UPS announced that it received a significant air cargo contract from USPS on Monday. The FedEx competitor said it’s set to become the USPS’s primary air cargo provider and move the majority of USPS air cargo in the U.S.
FDX Price Action: FedEx shares were down 2.13% at $283.58 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: FDX
