
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%.
Read more company financial reports on CAPEX.com!
Sources: reuters.com, investors.com, marketwatch.com
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.