FedEx sees very strong profit growth

Thanks in a large part due to the global pandemic, FedEx Corp has seen revenues and profits grow strongly in its latest financial quarter (Q2). Revenues grew to $20.3bn as against $17.3bn in Q2 2020, while operating profits grew by close to 300% to $1.47bn as against $554 million in 2020.

“My sincere appreciation goes out to our nearly 600,000 team members around the world who go above and beyond to keep the world moving during this ongoing pandemic and unprecedented peak season. Our strong revenue and earnings growth during the quarter is a reflection of their continued hard work and commitment to our customers,” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “These results demonstrate the unparalleled strength of our global express network, the breadth of our e-commerce capabilities, and the dedication of our people.”

FedEx International Priority saw a strong growth in volumes, as did US domestic residential package services. COVID-19 related costs went some way to offsetting the growth as well as investment in expanding the logistics giant’s services.