FedEx – operating income more than doubles in Q3

For the third quarter of the financial year, FedEx Corp has seen revenues grow to $21.5bn as against $17.5bn in the same quarter last year. Operating income more than doubled to $1.06bn from $483 million in Q3 2020. 
 

“I’m exceedingly proud of our FedEx team members, who are moving the world forward through the delivery of COVID-19 vaccines — the most important work in the history of FedEx,” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “As reflected in this quarter’s results, continued execution of our strategies is producing strong earnings growth and margin improvement across our company. We expect demand for our unmatched e-commerce and international express solutions to remain very high for the foreseeable future.”

Strong US domestic residential parcel delivery growth was a big driver in the operating income growth, offset somewhat by the impact of the pandemic on working practices and the carrier scrambling to meet the sudden growth in demand. Operating income would have been $350 million more but for the severe weather across the Lower 48 in February.

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