FedEx Corporation’s FDX subsidiary, FedEx Express, recently completed a major expansion at Miami, FL, worth $72.2 million to cater to strong customer demand and increased e-commerce volumes. The company’s shipping volumes through Miami increased by 30.9% between the 2019-2020 period.
The expansion of FedEx Express’ air cargo hub at Miami International Airport increases capacity and capabilities at its Americas gateway. The project adds more than 138,000 square feet to the company’s main sort facility, bringing the total to more than 282,000 square feet. The enhancements include a new customs clearance area and a 70,000-square-foot cold chain facility — the largest in FDX’s global network. The newly expanded cargo hub is expected to create hundreds of jobs for Miami residents.
The expansion of the customs clearance area will facilitate FedEx’s international operations by reducing the time taken for the customs clearance process. The cold chain facility consists of multiple rooms with temperatures ranging from -13 degrees Fahrenheit to 77 degrees Fahrenheit to cater to the transportation of perishable items such as flowers and food and pharmaceuticals and therapeutics.
FedEx Corporation Price
FedEx Corporation price | FedEx Corporation Quote
FedEx Express’ regional president of the Americas and executive vice president of global support, Richard W. Smith, said, “FedEx Express is proud to be one of the largest air cargo carriers operating out of Miami International Airport, and this expansion underscores our commitment to serving South Florida, Latin America and the broader world.”
Zacks Rank & Key Picks
FedEx carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks within the broader Transportation sector:
Schneider National SNDR sports a Zacks Rank #1 (Strong Buy). The company has a stellar earnings surprise history. It has outperformed the Zacks Consensus Estimate for earnings in each of the preceding four quarters, the average surprise being 21%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Schneider National have rallied more than 28% so far this year.
ArcBest Corporation ARCB flaunts a Zacks Rank #1. The company’s earnings have trumped the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 27.4%.
Shares of ArcBest have surged more than 100% so far this year.
Expeditors International of Washington EXPD carries a Zacks Rank #2 (Buy). The company’s earnings have outperformed the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 29.1%.
Shares of Expeditors have appreciated more than 45% so far this year.
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Expeditors International of Washington, Inc. (EXPD): Free Stock Analysis Report
FedEx Corporation (FDX): Free Stock Analysis Report
ArcBest Corporation (ARCB): Free Stock Analysis Report
Schneider National, Inc. (SNDR): Free Stock Analysis Report
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