In this Thursday, May 6, 2021, file photo a FedEx driver delivers a cart of packages, in New York. Package delivery companies like FedEx have been in high demand during the pandemic, as more people stayed home and shopped online. At the same time, FedEx has been delivering COVID-19 vaccines. (AP Photo/Mark Lennihan, File)NEW YORK (AP) — FedEx reported a nearly $2 billion profit in its most recent quarter, after reporting a loss the year before, helped by a surge in online shopping and the growth of its business-to-business shipping services.
Package delivery companies like FedEx have been in high demand during the pandemic, as more people stayed home and shopped online. At the same time, FedEx has been delivering COVID-19 vaccines.
The Memphis, Tennessee-based company reported net income of $1.87 billion for the three months ending May 31, compared with a $334 million loss in the same period the year before.
Adjusted earnings came to $5.01 per share, missing Wall Street expectations by 3 cents, according to Zacks Investment Research.
FedEx said revenue rose 30% to $22.57 billion, beating expectations.
Shares of FedEx Corp., which have more than doubled in the last year, fell 4.34% to $290.50 in after-hours trading Thursday.
Before you consider FedEx, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and FedEx wasn't on the list.
While FedEx currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Click the link below and we'll send you MarketBeat's guide to investing in electric vehicle technologies (EV) and which EV stocks show the most promise.
Get This Free Report
