In this Tuesday, Dec. 29, 2020, file photo, a FedEx delivery vehicle makes a U-turn near the Denver Pavilions, in downtown Denver. FedEx says its profit nearly tripled in its most recent quarter, despite winter weather that hobbled some of its facilities. Online shopping has surged during the pandemic as more people avoid going inside stores. (AP Photo/David Zalubowski, File)
In this Tuesday, Dec. 8, 2020, file photo, a driver with FedEx carries a package away from a van, in Seattle. FedEx says its profit nearly tripled in its most recent quarter, despite winter weather that hobbled some of its facilities. Online shopping has surged during the pandemic as more people avoid going inside stores. That has made package delivery companies like FedEx in high demand. (AP Photo/Ted S. Warren, File)NEW YORK (AP) — FedEx said Thursday that its profit nearly tripled in its most recent quarter, despite winter weather that hobbled some of its facilities.
Online shopping has surged during the pandemic as more people avoid going inside stores. That has made package delivery companies like FedEx in high demand.
CEO Frederick Smith said he expects demand to “remain very high for the foreseeable future.”
Besides delivering shoppers' orders, the company has also been shipping COVID-19 vaccines, which Smith called "the most important work in the history of FedEx.”
The Memphis, Tennessee-based company reported net income of $892 million for the three months ending Feb. 28, compared with $315 million in the same period the year before.
Adjusted earnings came to $3.47 per share, beating Wall Street expectations, according to Zacks Investment Research.
FedEx said icy weather last month hindered several of its facilities, including some of its largest ones in Indiana, Tennessee and Texas, causing it to lose $350 million in operating income.
The company said revenue rose 23% to $21.5 billion, also beating expectations.
Shares of FedEx Corp., which have more than doubled in the last year, rose 3.7% to $273.13 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
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
