ZTO Express Lowers FY24 Parcel Volume Growth to 11.6-12.3%; FedEx Faces Revenue Decline and Holiday Disruptions

ZTO Express has revised its fiscal year 2024 parcel volume growth forecast down to 11.6-12.3%, a decrease from the previous estimate of 15-18%. Meanwhile, FedEx's CEO noted that the company experienced multiple quarters of revenue decline in FY 2024, while operating profit and margin increased, a trend that is unprecedented in the company's history. As the holiday season approaches, both FedEx and UPS are facing challenges, with expectations of disruptions in parcel deliveries due to the upcoming Black Friday and holiday shopping season. Analysts suggest that the end-of-year purchases are now more spread out, which may lead to further disappointment for the two delivery giants as they hoped for a return to normalcy during this period.