Due to the boom in online orders during the Kovit-19 epidemic, FedEx results continue to rise. U.S. letter and parcel shipping group revenue rose 23% to $ 21.5 billion from December to February. In the third quarter of its 2020-2021 accounting year, he explained in a press release on Thursday. Its net profit increased to $ 892 million.
Excluding Wall Street’s flagship exceptional items, it was $ 3.87, higher than the 24 3.24 expected by Wall Street analysts. FedEx’s stock has more than doubled in the past two years, surpassing more than 4% in electronic transactions following the close of the New York Stock Exchange. The group has seen an increase in its distribution activities mainly to individuals in the United States. United want consumers to make their purchases online to control the risk of contamination by Covit-19, and to make it an international priority. It has also increased some fees.
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“Significant improvement in our quarterly results demonstrates the potential of our operations, which continued after an unprecedented high season (at the end of the year celebrations),” Michael Lens, Group’s Chief Financial Officer, underscored by FedEx’s success in meeting costs and expanding services and higher pay.
The cold, which paralyzed the entire United States in February, including several FedEx warehouses, cut operating profit by about $ 350 million for the quarter, the group estimates.
Assuming that it did not have sufficient information to accurately estimate the costs associated with pension and loan refinancing, the Group did not provide global forecasts for its entire fiscal year.
But its chief executive, Frederick Smith, said demand for online and international trade distributions would “be very high for the foreseeable future.”