- 28 June 2021
- Transport / Logistics Services
Fourth quarter operating income at FedEx Corp more than doubled by comparison to last year, driven by strong growth in international exports and US domestic parcels. Operating income grew to $1.97bn from $907 million in Q4 2020, while revenues jumped to $22.6 billion from $17.4 billion in the same period last year.
FedEx Ground saw revenue growth of 27% year over year, primarily driven by growth in business to business shipments as well as a 14% growth in revenue per package. FedEx Freight saw daily shipments grow 30% and revenue per shipment grow by 6%.
“The ongoing execution of our strategic initiatives has driven significant improvement in our fourth quarter results and highlights the continued strength of our business,” said Michael C. Lenz, FedEx Corp. executive vice president and chief financial officer. “For fiscal 2021, we delivered record financial results while also recognizing the valuable contributions by our team members. We expect continued strong momentum in fiscal 2022, and our investments are focused on the areas of greatest growth and highest returns, like e-commerce, to position us for sustained long-term growth in earnings, cash flows, and returns.”
“I thank our team members around the world for their outstanding efforts during this extraordinary year,” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “We continue to play an important role in global economic recovery and the delivery of COVID-19 vaccines and relief supplies throughout the U.S., Canada and more than 35 other countries. I am optimistic about the future of FedEx as we continue to innovate for our customers and meet strong demand for our global transportation network and capabilities.”