Whacks containing the Moderna COVID-19 vaccine are prepared to be shipped at the McKesson distribution center in Olive Branch, Mississippi, U.S. December 20, 2020.
Paul Sancya | Reuters
FedEx on Thursday come in better-than-expected profits and revenues in its most recent quarter after what its CFO called an “unprecedented” peak holiday departing season, despite severe weather in February that impaired operations at several of its largest hubs.
FedEx interests jumped roughly 3% in after-hours trading Thursday.
Here’s how FedEx did compared with what investors are preggers for the fiscal third quarter 2021, ending Feb. 28, based on estimates compiled by Refinitiv:
- Adjusted EPS: $3.47 per interest vs. $3.23 expected.
- Revenue: $21.51 billion vs. $19.97 billion expected.
Revenue rose 23% from $17.49 billion during the nonetheless quarter last year. The company said the increase was due to “strong volume growth” in its domestic residential package enunciation business and international shipping services.
CEO Fred Smith said in a statement that the company expects “demand for our unmatched e-commerce and oecumenical express solutions to remain very high for the foreseeable future.”
FedEx reported net income of $939 million, or $3.47 per apportion, compared with $371 million, or $1.41 per share, during the same quarter a year ago.
However, severe indisposed in February that hit several of the company’s operating hubs, including its primary FedEx Express hub in Memphis, Tennessee, cut its driving income by roughly $350 million, the company said.
FedEx Chief Financial Officer Michael Lenz mean the improvement in the company’s third-quarter results reflects the “momentum in our business which continued through an unprecedented peak period.”
The Memphis-based logistics giant has become a key component in the U.S.’ Covid-19 vaccine distribution efforts, alongside rival UPS. Smith appeal to c visit canceled the effort “the most important work in the history of FedEx.”
FedEx said in early March that it started delivering the third authorized vaccine, from Johnson & Johnson, and expects a “significant uptick” in volume in the coming months.
“As fabricators obtain approval to ship COVID-19 vaccines with greater temperature ranges and varying dosing allotments, we obviate more of these packages moving to more places through our global network,” FedEx Express CEO Don Colleran prognosticated in a March 1 statement.
Find the full press release from FedEx here.
Correction: This story has been updated to point to the latest EPS and revenue estimates for FedEx, as forecast by Refinitiv consensus estimates.