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FedEx earnings beat expectations after “unprecedented” holiday shipments

The popular shipping company, FedEx, announced profits and revenue that exceeded expectations in the last fiscal quarter, which the CEO of the company described as an “unprecedented” rise in holiday shipments, despite severe weather in February that disrupted work in several major centers of the company, and FedEx shares are up 3% in aftermarket trading.

According to the company’s results during the third quarter of the fiscal year 2021 ending on February 28, FedEx posted adjusted earnings of $3.47 per share, compared to earnings expected by analysts of only $3.23, and the company’s revenue came to $21.51 billion, compared to revenue expectations of $ 19.97 billion, as revenue increased by 23% from $ 17.49 billion in the same quarter last year.

The company said the rise was due to strong growth in domestic parcel delivery and international shipping volumes, and FedEx reported net income of $939 million, or $3.47 per share, compared to income of $371 million, or $1.41 per share during the same quarter last year.

The severe weather during February that affected the company’s main business centers led to a reduction of its operating income by about 350 million dollars, and it is reported that FedEx announced in early March that it had started shipping the Johnson & Johnson vaccine, which is the third vaccine to be licensed for use, and you expect a rise in shipment volumes over the coming months.

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