FedEx earnings beat estimates on ‘unprecedented’ holiday shipping season

FedEx earnings beat estimates on ‘unprecedented’ holiday shipping season

Boxes containing the Moderna COVID-19 vaccine are ready to be shipped on the McKesson distribution heart in Olive Branch, Mississippi, U.S. December 20, 2020.

Paul Sancya | Reuters

FedEx reported better-than-expected income and revenues in its most up-to-date quarter after an “unprecedented” peak holiday shipping season, regardless of extreme climate in February that “considerably impaired” operations at a number of of its largest hubs.

FedEx shares jumped roughly 3% in after-hours buying and selling.

Here’s how FedEx did in contrast with what traders expect for the fiscal third quarter 2021, ending Feb. 28, based mostly on estimates compiled by Refinitiv:

  • Adjusted EPS: $3.47 per share vs. $3.22 anticipated.
  • Revenue: $21.51 billion vs. $19.95 billion anticipated.

The Memphis-bases logistics big has develop into a key part to the U.S.’ Covid-19 vaccine distribution efforts, alongside rival UPS. FedEx mentioned in early March that it began shipping the third approved shot from Johnson & Johnson and expects a “vital uptick” in quantity within the coming months.

This is a growing story. Please test again later for updates.

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