FedEx Express Unit (FDX) Expands Freight Hub at Miami Airport – December 16, 2021
FedEx Corporation‘s (FDX – Free Report), FedEx Express, recently completed a major expansion in Miami, Florida worth $ 72.2 million to meet strong customer demand and increasing e-commerce volumes. The company’s shipping volumes via Miami increased by 30.9% between the period 2019-2020.
The expansion of the FedEx Express air freight hub at Miami International Airport increases the capacity and capabilities of its gateway to the Americas. The project adds more than 138,000 square feet to the company’s main sorting facility, bringing the total to over 282,000 square feet. The upgrades include a new customs clearance area and 70,000 square foot cold chain facility, the largest in FDX’s global network. The newly expanded freight hub is expected to create hundreds of jobs for Miami residents.
The expansion of the customs clearance area will facilitate FedEx international operations by reducing the time required 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 accommodate the transportation of perishable items such as flowers and food and pharmaceutical and therapeutic products.
FedEx Express Regional President for 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 the Miami International Airport, and this expansion underscores our commitment to serve South Florida, Latin America and the world at large. “
Rank of Zacks and choice of keys
FedEx wears a Zacks Rank # 3 (Hold).
Here are some top-ranked stocks in the broader transport sector:
Schneider National (SNDR – Free Report) sports a Zacks Rank 1 (strong buy). The company has a surprising history of stellar profits. It outperformed Zacks’ consensus estimate for earnings in each of the previous four quarters, with an average surprise of 21%. You can see The full list of today’s Zacks # 1 Rank stocks here.
Shares of Schneider National have risen more than 28% so far this year.
ArcBest Corporation (ARCB – Free Report) displays a Zacks Rank # 1. The company’s earnings have beaten Zacks’ consensus estimate in each of the past four quarters, with the average surprise being 27.4%.
ArcBest shares have risen over 100% so far this year.
Washington International Expeditors (EXPD – Free Report) carries a Zacks Rank # 2 (Buy). The company’s earnings have beaten Zacks’ consensus estimate in each of the previous four quarters, with an average surprise of 29.1%.
Expeditors shares have appreciated over 45% so far this year.