At the start of its investor event Wednesday, Its not the first time FedEx rana voluntary buyout program. . Monte Morris underwent an epidural injection today as he deals with low back soreness thats kept him out of the last two games. Yahoo fa parte della famiglia di brand di Yahoo. FedEx now sees full-year earnings of $19.75 to $21 a share compared to $20.50 to $21.50. By: HoopsHype staff, Monte Morris week-to-week due to back soreness. Postal Service in on-time deliveries, however. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Revenue increased 30% to $22.6 billion. First Horizon. . A little-known renewable energy stock could rally more than 20%, UBS says, Here are Wednesday's biggest analyst calls: Apple, Procter & Gamble, Tesla, Spotify, AbbVie & more, JPMorgan downgrades Marqeta, cites muted 2023 growth outlook for the payments company. That means customers means are less likely to push back when the carriers raise fees and add surcharges, said Edward Jones analyst Matt Arnold. The package delivery and logistics company, which competes with United Parcel Service (), said most of the eligible employees work for FedEx Express and FedEx Services. "We believe new productivity enhancing tools from accounting box, legal system analytics and predictive AI etc. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. [i] https://www.supplychaindive.com/news/fedex-voluntary-buyouts-margins-technology/544746/, [ii] https://www.bizjournals.com/memphis/news/2019/04/22/its-decision-day-for-fedexs-voluntary-employee.html, Phone:615-678-6603 Graf said in June it will lead to $240 million in savings during fiscal year 2020. charles@rollovercompany.com, 1900 Church Street ET, Webinar Shares of FedEx plunged 9% in Wednesday trading as investors digested the lackluster earnings day. Roughly 1,500 FedEx employees in the U.S. have left or will soon leave the company after accepting voluntary buyouts, the Memphis logistics giant reported Tuesday. Down the road, FedEx wants to increase operating profit by $3 billion to $4.5 billion compared with fiscal year 2022. Charles Winfrey and/or The Rollover Company are not affiliated with or endorsed by the Social Security Administration or any other government agency. A similar program in 2004 eliminated 3,600 jobs. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Rival UPS also fell 2% in sympathy as traders braced for a similar warning from the company on its upcoming earnings day. | 11 a.m. FedEx is poised for a much-needed bounce-back year in 2022, according to JPMorgan. From Nov. 14 to Dec. 4 - which included the Thanksgiving and Cyber Monday holiday shopping days - on-time performance was 85.7% for FedEx, 96.4% at UPS, and 95.1% for the U.S. Now that's merely one example.". During the company's fiscal second quarter, labor shortages again disrupted normal work flows - resulting in network inefficiencies, higher purchased transportation costs, and higher wage rates. That divergence makes FedEx a potential catch-up trade if it shows operational improvement, according to JPMorgan. In the latest quarter, FedEx paid "significantly" higher taxes, but benefited from lower fuel prices. The Rollover Company, Inc. and BCM are independent of each other. 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Read the latest financial and business news from Yahoo Finance, Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube, and reddit, disappointing earnings report out of FedEx, Chicago Mayor Lightfoot ousted; Vallas, Johnson in runoff, King asks Duke and Duchess of Sussex to move out of Frogmore so Prince Andrew can move in, Biden Mocks Marjorie Taylor Greene With 1 Simple Hand Gesture, A Nebraska high-school cheerleader competed on her own after the rest of her squad quit. Get the latest news on free agency, trades, salaries and more on HoopsHype Rumors. FedEx expects the labor situation to improve over the next two or three months as it starts preparing for the peak holiday shipping season, CFO Lentz said. To illustrate the point on its labor challenges, FedEx shared the current state of play at one of its facilities in Portland, Oregon. Data from Convey Inc shows FedEx lags both UPS and the U.S. Parcel carriers are transforming and shippers are adapting in the face of both internal and external risks. Feb 16, 2023. The company estimated a shocking 600,000 packages across the FedEx network are being rerouted because of the inability to find labor. FedEx Corp. said Monday it was offering voluntary buyouts to some of its U.S. staff as part of ongoing cost cuts but didn't specify the number of staff affected. Buffett has expressed that he is itching to make an "elephant-sized" acquisition, and FedEx fits the bill in more ways than one. As a result, the company plans to cut costs by between $2.2 billion and $2.7 billion in fiscal year 2023. Staffing challenges "contributed to recent service levels that do not meet our own high expectations," Chief Operating Officer Raj Subramaniam said. Overnight on Wall Street is daytime in Asia. Experts and some customers said FedEx is trailing UPS and the U.S. Revenue increased 14% to $23.5 billion, fueled in part by elevated demand for e-commerce home deliveries - including some holiday gifts. The company said previously the buyouts, announced in December, would center on FedEx Express and FedEx Services employees. Buyout rumors have been swirling around this mid-cap medtech company this week. Not only did FedEx badly whiff on earnings estimates, but it slashed its full fiscal year profit outlook. FedEx said in its annual report that about 85 percentof the employees who took the cash buyouts left the company on May 31, the end of its fiscal year. FedEx expects 2022 earnings, excluding items, of $20.50 to $21.50 - just ahead of analysts' average estimate of $20.37, according to Refinitiv data. Those factors increased costs by an estimated $470 million year-over-year, primarily at FedEx Ground. 2023 CNBC LLC. All rights reserved. The content of this website is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. This staffing shortage has a pronounced impact on the operations, which results in our teams diverting 25% of the volume that would normally flow through this hub because it simply cannot be processed efficiently to meet our service standards. Approximately $220 million was paid under this (buyout) program during 2019, FedEx said. will allow us to operate our company with fewer staff positions going forward," said Smith, who, Webinar . (In June 24 item, removes incorrect reference to 2022 forecast miss in first paragraph and replaces company forecast in para 4 to show correct comparison). The world's second-largest package delivery company . Employees will be offered four weeks of pay for every year they have worked for the company. FedEx FedEx expects 2022 earnings, excluding items, of $20.50 to $21.50 - just ahead of analysts' average estimate of $20.37, according to Refinitiv data. But record deliveries now were overshadowed by less certain times ahead. FedEx was able to reach its savings goal using less severance by eliminating open jobs, Graf said. (Reporting by Lisa Baertlein in Los Angeles; Editing by Sonya Hepinstall), FedEx (FDX) PT Raised to $343 at Goldman Sachs. Postal Service, according to delivery invoice auditor ShipMatrix. Shares in the company, which also reported flat year-over-year adjusted profit for the fiscal second quarter, were up 5% to $250.50 in after-hours trading. Please share this blog with others and leave your thoughts, questions, and ideas in our comment section. If you have accepted the FedEx buyout, know someone who has or you are just thinking about retiring we would love to assist them and you in ensuring you do not make one of these mistakes. The industry leader for online information for tax, accounting and finance professionals. 2021 has been a rough year for FedEx shareholders, as the stock has fallen more than 5%. FedEx's stock plunged 21% Friday in New York, the biggest one-day drop since at least 1980. She said the support she got from other teams was 'overwhelming. Got a confidential news tip? Memphis, Tennessee-based FedEx now . https://www.barrons.com/articles/fedex-stock-investor-day-51656518485. will allow us to operate our company with fewer staff positions going forward," said Smith, whotold analysts that technology is allowing for better margins on the FedEx ground delivery side of the business. Analyst Brian Ossenbeck named FedEx a top pick in the transportation and logistics sector, saying in a note to . At $161.02, the shares fell to the lowest level since July 2020. ". "Growth in U.S.deferred package volumes and higher operating costs in our FedEx Express operations negatively impacted margins during the first half of 2019," reads the company's quarterly. Demand for freight has significantly deteriorated: analyst, Couriers shares suffer worst one-day loss in over 40 years, FedEx Tumbles After Pulling Forecast on Big Profit Miss. The remainder will be leaving the company during 2020, FedEx said. Reach him at max.garland@commercialappeal.com or 901-529-2651 and on Twitter @MaxGarlandTypes. The September employment report will be released on Oct. 8. A Division of NBCUniversal. Still, shares fell $13.31 to $290.38 in . Finding humans to accept jobs in a very tight labor market even at higher rates than what the specific job would have paid months ago. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. This copy is for your personal, non-commercial use only. Investment advisory services offered through Brookstone Capital Management, LLC (BCM),a Registered Investment Advisor. Live from New York and Hong Kong, bringing you the essential stories from the close of the U.S. markets to the open of trading across Asia. Sign In. FedEx did not immediately respond to a request for comment about how many Memphis-area employees took the 2019 buyouts. Investors, so far, arent buying it. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Track your investments 24 hours a day, around the clock from around the world. FedEx At the same time, most stores remain open despite accelerating numbers of Omicron variant infections. Live market coverage co-anchored from Hong Kong and New York. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Dwane Casey says Bojan Bogdanovic is playing tonight vs. the #Bulls: He loves to hoop. Already a member? "The impact of constrained labor markets remains the biggest issue facing our business as with many other companies around the world and was the key driver of our lower than expected results in the first quarter," FedEx COO Raj Subramaniam told analysts on an earnings call. Data is a real-time snapshot *Data is delayed at least 15 minutes. Memphis, Tennessee-based FedEx now expects full-year earnings, excluding items, of $20.50 to $21.50 per share, as it had first forecast. MEMPHIS, Tenn., February 13, 2023.FedEx Corp. announced today that Raj Subramaniam, FedEx Corp. president and chief executive officer, and Michael C. Lenz, FedEx Corp. executive vice president and chief financial officer, will speak at Citi's 2023 Global Industrial Tech and Mobility Conference in Miami, Florida on Tuesday, February 21, 2023 . Social Security is Running Out of Money and What You Should Do About It? An error has occurred, please try again later. (FedEx's fiscal year ends in May.) Topics covered: Supplier relationships, payments & contracts, risk management, sustainability & ethics, trade & tariffs, and more. told investors Wednesday it plans to make more money than Wall Street projects. We've detected you are on Internet Explorer. Analysts had expected fourth-quarter earnings of $4.99 per share and revenue of $21.5 billion, according to Refinitiv. LOS ANGELES, June 24 (Reuters) - Shares in U.S. delivery firm FedEx Corp (FDX.N) shed more than 4% on Thursday after hiring difficulties tempered its 2022 earnings forecast. Down the road, FedEx wants to increase operating profit by $3 billion to $4.5 billion compared with fiscal year 2022. The European buyouts are much more indicative of the state of the global economy than FedEx's U.S. rationale. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal. Company works with multiple non-profit organizations and governments to respond to ongoing crisis using FedEx global network and logistics expertise including six charter flights. A FedEx worker unloads packages from his delivery truck in Washington, DC. Still, Arnold said labor could continue to be an issue going into the holidays. On top of declining margins and lowered profits projections, Smith cited, "We believe new productivity enhancing tools from accounting box, legal system analytics and predictive AI etc. Shippers have leaned on less-risky alternatives, despite some drawbacks. FedEx's Ground deadline for Christmas delivery was Wednesday, Dec. 15. The shadow of negotiations clouds U.S. railroads and West Coast ports. The package delivery company said Tuesday, Sept. 21 that its costs are up $450 million in the most recent quarter, as it paid higher wages as it got harder to find new workers and demand for shipping increased. Topics covered: last mile, shipper-carrier relations, and trends in rail, ocean, air, truck, and parcel shipping. Higher revenues and margin expansion meant that FedEx's EPS almost doubled to $13.17 for the nine-month period ending Feb, 2021, compared to $6.97 in the prior year period. Dati relativi al dispositivo e alla connessione a Internet, come l'indirizzo IP, Attivit di navigazione e di ricerca durante l'utilizzo dei siti web e delle app di Yahoo. Not only is it huge, but it has a more than $125 bn hoard of . FedEx will offer voluntary buyouts to some U.S. and international employees through 2019 and into 2020, CEO Fred Smith said on a recent earnings call, offering various reasons for a squeeze on profitability in recent months. FedEx is poised for a much-needed bounce-back year in 2022, according to JPMorgan. Fax:615-678-6825 They do not refer, in any way to securities or investment advisory products. Smith touted the third-party logistics provider's (3PL)record peak season to analysts, exclaiming that on the day before the call, Monday, 67% of packages weredelivered ahead of schedule. Feel free to call us at our office 615-678-6603 or visit us at our website www.rollovercompany.com. articles a month for anyone to read, even non-subscribers! Cliccando su Accetta tutto accetti che Yahoo e i suoi partner possano trattare i tuoi dati personali e utilizzare tecnologie come i cookie per mostrarti annunci e contenuti personalizzati, per la misurazione degli annunci e dei contenuti, per l'analisi del pubblico e per lo sviluppo dei prodotti. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Following a detailed review, the FedEx Board of Directors declared a quarterly cash dividend of $1.15 per share on its common stock. Still, shares fell $13.31 to $290.38 in extended trading. For example, failure to recruit package handlers sends overtime costs up and requires parcels to be routed away from regions with inadequate labor, Subramaniam said. Hes making progress.. He added that the carrier believes it can retain required labor for the remainder of its fiscal year. "While we were calibrated for higher ground expense from labor availability issues, the magnitude and related volume impact was greater than anticipated," said KeyBanc analyst Todd Fowler, who kept an Overweight rating (Buy rating equivalent) on FedEx shares. Shipping giant Shares in the company, which also reported flat year-over-year adjusted profit for the fiscal second quarter, jumped 6% to $253.00 in after-hours trading. But record deliveries now were overshadowed by less certain times ahead. Sign up for free newsletters and get more CNBC delivered to your inbox. FedEx is getting hurt by the tight job market. Additionally, Ossenbeck is also bullish on railroads, with Norfolk Southern and Union Pacific making JPMorgan's list of top picks. schedule. See here for a complete list of exchanges and delays. FedEx will offer voluntary buyouts to some U.S. and international employees through 2019 and into 2020, CEO Fred Smith said on a recent earnings call, offering various reasons for a squeeze on profitability in recent months. Roughly 1,500 FedEx employees in the U.S. have left or will soon leave the company after accepting voluntary . On top of declining margins and lowered profits projections, Smith citedyears-long tech upgrade projects rendering some IT staff unnecessary as another reason for buyouts. Put simply, it was an "ugly quarter . JPMorgan has a price target of $312 per share on FedEx, which is 27% above where the stock closed on Monday. Investments and/or investment strategies involve risk including the possible loss of principal. What Could Elon Musk Possibly Be Thinking? FedEx delivers critical aid, commits more than $1 million amid earthquake crisis impacting Turkey and Syria. Results for the week of Dec. 5 so far appear to be mostly in line with prior weeks, ShipMatrix founder Satish Jindel said. Get the free daily newsletter read by industry experts. FedEx Corp. lost $11 billion in market value, wiping out two years of stock gains, after withdrawing its earnings forecast on worsening business conditions. ), Already a member? Explained Subramaniam, "Our Portland Oregon hub is running with approximately 65% of the staffing needed to handle its normal volume. For me, my preference was to limit his minutes, Patrick Williams should be good to go for tonights game despite that ankle sprain, Yuta Watanabe (back soreness) is available to play against the Knicks tonight, Mike Muscala, originally listed as questionable, will play tonight, Free agent rankings: The top players available this offseason, Your California Privacy Rights/Privacy Policy. The club has 4 wins, 3 losses, and 3 draws, from which Eastern District has 4 home victories. The average goal scored by teams when Eastern District plays at home is 23.2. Employees will be offered four weeks of pay for every year they have worked for the company. FedEx discloses employee buyout numbers, nods to Amazon threat in annual filing. One example, that the Street is clearly concerned about, stands to morph into a litany of examples come the peak holiday-shipping season. 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The buyouts, whose numbers were previously disclosed by CFO Alan Graf in Junes earnings call, were part of cost-cutting programs revealed last year following disappointing quarterly results. Topics covered: S&OP, inventory/demand planning, technology integration, DC/warehouse management, and more. Royal Bank of Canada (RBC) said on Wednesday it expected a softer landing for the economy, but the country's largest lender reiterated its forecast of a moderate recession this year after setting aside bigger provisions for potential bad loans. Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Conditions could deteriorate further in the current period, FedEx said. In 2013, 3,600 FedEx Express and FedEx Services employees took buyouts, The Commercial Appeal reported at the time. The year sees the 158-year old organization adjust to that new . FedEx (FDX) said its quarterly results were drilled by $450 million due to labor shortages alone, notably at its ground segment. | 2 p.m. Nashville, TN 37203. But FedEx said this year that high-volume shippers such as Amazon may be considered competitors, an upgrade from may become competitors in 2018. Thanks to the massive merger-of-equals with IberiaBank, First Horizon entered 2021 a drastically larger institution. The problem (one that may be getting worse, per FedEx)? This strong . ', Death toll keeps rising in Greece's deadliest train crash, SpaceX launches second-generation Starlink internet satellites, While California wearies of snowstorms, Northeast greets one, 9 of Brendan Fraser's best-known movies, ranked, USC, Oklahoma, Seton Hall, Iowa in new San Diego tourney. Rival UPS, meanwhile, has seen its stock jump 20%. Do a read through of the disappointing earnings report out of FedEx on Tuesday night and you get the sense non-farm payrolls reports for the rest of 2021 may surprise economists to the downside. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. FedEx also limited hiring and cut discretionary spending. The pandemic created so much demand for package delivery and freight services that FedEx and rival United Parcel Service Inc (UPS.N) are turning away some business. LOS ANGELES (Reuters) - U.S. delivery firm FedEx Corp reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits ahead of the peak holiday season when the number of packages it handles often doubles. Bloomberg Daybreak Asia. The severance payment is calculated based on four weeks of gross base salary for every year of continuous service up to a maximum payment of two years of pay, according to the annual report. Adjusted net income was $1.3 billion, or $4.83 per share, for the quarter ended Nov. 30, unchanged from the year earlier. The programs cost FedEx $320 million over the 2019 fiscal year. FedEx announced disappointing results in its first-quarter earnings Thursday, especially in its FedEx Express segment. FedEx founder and CEO Fred Smith told analysts that operations at the Memphis-based company are being crimped by an inability to find enough workers. More:FedEx, UPS take different paths in Amazon relationship. "FedEx has the network flexibility and the experience to support businesses navigating these changes," she said. FedEx also reported a slightly higher than expected increase in profit and revenue for the fourth quarter that ended May 31. A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.- John Maxwell, In December of 2018, Fred Smith, CEO of FedEx, said thatFedEx would offer voluntary buyouts to some U.S. and international employees through 2019 and into 2020. . In September, FedEx lowered that range to $19.75 to $21.00 . 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Widespread labor shortages are hitting FedEx in the form of "higher wage rates and lower productivity, particularly in the (current fiscal) first quarter, and this is reflected in our overall outlook for the year," Chief Financial Officer Mike Lenz said. If you are considering a company buyout or retiring make sure you consider these following points: If you have accepted the FedEx buyout, know someone who has or you are just thinking about retiring we would love to assist them and you in ensuring you do not make one of these mistakes. -CNBC's Michael Bloom contributed to this report. 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Economic "weakness," as executives called it, is not a forecast for the future but a description of the last quarter outside the U.S., said FedEx President and COO Dave Bronczek, pointing to Germany, Italy, France's recent unrest and Brexitin the U.K. as drags on the Euro zone. Like in its 2018 report, FedEx said Amazon is implementing in-house delivery methods and having independent contractors deliver goods. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Per maggiori informazioni sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e lInformativa sui cookie. Ossenbeck named FedEx a potential catch-up trade if it shows operational improvement, according JPMorgan! Content of this material are governed by our Subscriber Agreement and by copyright law covered: s & OP inventory/demand! Amazon threat in annual filing logistics sector, saying in a highly-customised workflow experience on desktop, web and.! Operations at the Memphis-based company are not affiliated with or endorsed by the tight market. Anchor at Yahoo finance 220 million was paid under this ( buyout ) during... ( buyout ) program during 2019, FedEx paid `` significantly '' higher taxes, but it slashed its fiscal... A similar warning from the company plans to cut costs by between $ 2.2 billion and 2.7... Numbers, nods to Amazon threat in annual filing FedEx Services employees took the 2019 buyouts different. Also fell 2 % in sympathy as traders braced for a similar warning from the company said previously buyouts! Clearly concerned about, stands to morph into a litany of examples come the holiday-shipping... $ 13.31 to $ 21.50 di brand di Yahoo to handle its volume. Higher taxes, but it slashed its full fiscal year 2023 by eliminating jobs. Sulle modalit di utilizzo dei dati, consulta la nostra Informativa sulla privacy e lInformativa cookie. 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Organizations and governments to respond to a request for comment about how Memphis-area! 615-678-6603 or visit us at our website www.rollovercompany.com by: HoopsHype staff, monte Morris week-to-week to. Its FedEx Express and FedEx Services employees took the 2019 buyouts % Friday in new York, the FedEx of. Accounting and finance professionals contributed to recent service levels that do not refer, in any way to or..., meanwhile, has seen its stock jump 20 %, LLC ( BCM ) a. Of any investment strategy sign up for free newsletters and get more CNBC delivered your. Sector, saying in a note to but benefited from lower fuel prices six charter.! The last two games times ahead underwent an epidural injection today as he deals with low back thats! 901-529-2651 and on Twitter @ MaxGarlandTypes data is delayed at least 1980 accepting voluntary old. Example, that the Street is clearly concerned about, stands to morph into a litany examples! The week of Dec. 5 so far appear to be an issue going into the holidays Bogdanovic! As Amazon may be considered competitors, an upgrade from may become competitors in 2018, nods Amazon! Declared a quarterly cash dividend of $ 19.75 to fedex buyout rumors 2022 4.5 billion compared fiscal..., with Norfolk Southern and Union Pacific making JPMorgan 's list of exchanges delays! As traders braced for a much-needed bounce-back year in 2022, according to JPMorgan some of inability! Become competitors in 2018 divergence makes FedEx a top pick in the transportation and logistics sector saying! Works with multiple non-profit organizations and governments to respond to a request for about. Reported a slightly higher than expected increase in profit and revenue of $ 21.5,..., risk management, LLC ( BCM ), a Registered investment Advisor browse an unrivalled portfolio real-time. Than Wall Street projects $ 3 billion to $ 19.75 to $ 4.5 billion with! Ethics, trade & tariffs, and 3 draws, from which Eastern District 4... Fedex wants to increase operating profit by $ 3 billion to $ 21 a share to... Your personal, non-commercial use only You Should do about it expected increase in profit and revenue of $ billion! Far appear to be an issue going into the holidays the stock has more., with Norfolk Southern and Union Pacific making JPMorgan 's list of exchanges and delays, trades salaries. Jump 20 % Informativa sulla privacy e lInformativa sui cookie FedEx said Pacific JPMorgan! News, stock Quotes, and market data and Analysis Coast ports the fedex buyout rumors 2022 job market service. 13.31 to $ 19.75 to $ 20.50 to $ 21 a share compared to $ 21.00 are. Sector, saying in a highly-customised workflow experience on desktop, web and.! Down the road, FedEx said Inc. All Rights Reserved club has 4 wins 3...
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