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NEW YORK – (AP) – FedEx reported nearly $ 2 billion in profit last quarter.
Package delivery companies like FedEx were in high demand during the pandemic as more and more people stayed at home and bought online. At the same time, FedEx is supplying COVID-19 vaccines.
The Memphis, Tennessee-based company reported net income of $ 1.87 billion for the three months ended May 31, compared to a loss of $ 334 million for the same period last year.
Adjusted earnings were $ 5.01 per share, according to Zacks Investment Research, missing Wall Street expectations by 3 cents.
According to FedEx, sales rose 30% to $ 22.57 billion, exceeding expectations.
FedEx Corp. shares, which more than doubled last year, fell 4.34% to $ 290.50 in after-hours trading Thursday.
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