The pandemic was beneficial to FedEx.
The earning season has begun, and companies started to post their quarterly financial reports. Yesterday, FedEx was on a roll after it released better than expected data.
It reported a loss of $334 million compared to last year's $1.97 billion. On the winning side, it earned $663 million, which translates into an EPS of $2.53. Sales fell by $400 million from last year's $17.8 billion. Those numbers are due to an increase in residential, transpacific, and charter flights deliveries, which increased to 72% during the quarter. It beat the analysts’ expectations, which were looking for an EPS of $1.52, and $16.4 billion in revenue.
E-commerce home deliveries increased by 20%, but the operating income fell by 17%.
For fiscal 2021, FedEx didn't provide any forecast due to the uncertainty of the market and the pace at which the economy recovers.
Yesterday, the stock gained 9.4% in after-hours trading, and during today's pre-market session, the price soared 12%. Its stock fell by 8% this year, while USA30 fell 10% and USA500 dropped by 5%.
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Sources: reuters.com, investors.com, marketwatch.com
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