FedEx revenue up 23% to $21.5 billion in Q3

Thursday, 18. March 2021 21:11

FedEx revealed on Thursday its net revenue grew by nearly 23% to $21.5 billion in the third quarter of 2021, compared to the same period of the previous year. GAAP net income soared 183% year-on-year to $892 million.

The GAAP earnings per share beat experts' estimates and landed at $3.30 per share, up 174%. The company stated that the operating income was reduced in the third quarter by at least $350 million due to severe weather conditions in February.

"I'm exceedingly proud of our FedEx team members, who are moving the world forward through the delivery of COVID-19 vaccines — the most important work in the history of FedEx. As reflected in this quarter's results, continued execution of our strategies is producing strong earnings growth and margin improvement across our company. We expect demand for our unmatched e-commerce and international express solutions to remain very high for the foreseeable future," FedEx CEO Frederick Smith said.

FedEx shares gained 2.65% in after-hours trading to sell for $263.51 at 4:24 pm ET.

Related Links: FedEx Corporation
Baha Breaking News (BBN) / LH