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FedEx shares surge after company reports continued ‘strong demand’ for deliveries

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Shares of FedEx Corp. FDX,
+ 0.14%
rallied more than 5% in the extended session on Tuesday after the delivery and logistics company reported better-than-expected profits and sales for its fiscal 2021 first quarter, saying the world “has stepped up to meet our strategies “and that the efforts of its workers had kept” the global healthcare, industrial and home supply chains in motion despite the challenges of the global pandemic. ” FedEx said it earned $ 1.25 billion, or $ 4.72 per share, in the quarter, compared to $ 745 million, or $ 2.84 per share, in the quarter last year. Adjusted for one-time items, the company earned $ 1.28 billion, or $ 4.87 per share, up from $ 3.05 per share a year ago. Sales reached $ 19.3 billion from $ 17 billion a year ago. Analysts polled by FactSet had expected FedEx to post adjusted earnings of $ 2.70 per share on sales of $ 17.6 billion. Results increased in part due to volume growth in FedEx’s international priority and residential package services in the United States, the company said. Better returns for its land and freight services have also helped, FedEx said. Higher costs related to “high demand”, employee compensation and COVID-19 precautions offset some of the gains, the company said. FedEx declined to provide a outlook for fiscal 2021, citing the ongoing pandemic, and forecast its capital spending for the year to rise from $ 200 million to $ 5.1 billion, “driven by initiatives by additional capacity to support increased volume levels “. FedEx shares ended the regular trading day up 0.1%.

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