FedEx stock spikes 6% on Q3 beats

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Delivery and logistics giant FedEx (NYSE: FDX) shares surged more than 6% on Friday in pre-market trading after the company reported better-than-expected third-quarter financial results. The company said strong financial results boosted by volume growth for U.S. home deliveries.

  • Earnings per share (EPS): $3.47 vs. $3.23 expected
  • Revenue: $21.51 billion vs. $19.97 billion expected

FedEx revenue for the quarter rose 22.9% to $21.5 billion from $17.5 billion last year. Express sales rose 21% to $10.8 billion U.S. and Ground revenue jumped 37% to $8 billion U.S. Meanwhile, the company reported a net income of $892 million for the three months ending Feb. 28, compared with $315 million in the same period the year before.

"We expect demand for our unmatched e-commerce and international express solutions to remain very high for the foreseeable future." FedEx, CEO, Fred Smith said. “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,” Smith said.

For the current fiscal year 2021, FedEx expects earnings of $ 16.80 to $ 17.40 per share and adjusted earnings of $ 17.60 to $ 18.20 per share.

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$FDX closed slightly lower on Thursday at $263. The strong earnings boosted the FEDEX share price climb back to above $280 on Friday.

Read more- https://gulfbrokers.com/en/fedex-stock-spikes-6-on-q3-beats
 
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