As the holiday package crisis comes after a year of increased online shopping during the COVID-19 blockades, FedEx Corp. reported record quarterly quarterly sales of more than $ 20 billion for the first time and double-digit earnings on Thursday.
FedEx FDX,
reported second-quarter tax profits rose 114%, to $ 1.232 billion, or $ 4.55 per share, from $ 2.13 a share a year ago. After adjusting for a change in the pension plan and some integration expenses, the company reported earnings of $ 4.83 per share, up from $ 2.51 per share last year.
Revenue rose 19%, to $ 20.6 billion, from $ 17.3 billion a year ago. According to FactSet, analysts posted an average adjusted earnings of $ 4.01 per share on sales of $ 19.43 million.
The company declined to offer a specific forecast for the current quarter due to continued uncertainty.
“While the overall environment remains uncertain, we expect profit growth in the second half of fiscal year 2021, driven by anticipated demand for our services, as we continue to execute our strategic priorities,” the chief financial officer Michael Lenz in Thursday’s announcement.
Shares fell more than 2% in out-of-hours trading immediately after the publication of the results. FedEx shares have doubled nearly amid the shipping boom this year, gaining 93.5% in 2020 at Thursday’s regular session. The S&P 500 SPX Index,
has gained 14.6% in that time.