MEMPHIS — FedEx saw strong results driven by increased demand this past quarter, and the company plans to spend more to keep up with the growth in volume, the Memphis-based logistics giant reported Tuesday.
FedEx posted $19.3 billion in revenue for the 2021 fiscal year’s first quarter, up from $17 billion the year-before quarter. Net income was an adjusted $1.28 billion, up 60% from fiscal 2020’s first quarter. The quarter ended Aug. 31. “Our earnings growth underscores the importance of our business initiatives and investments over the last several years, and, in many ways, the world has accelerated to meet our strategies,” said Chairman and CEO Fred Smith in a statement. “I would like to thank our team members whose efforts during this time have helped keep the world’s health care, industrial and at-home supply chains moving despite the challenges of the global pandemic.
Demand for FedEx’s more profitable commercial delivery services “improved sequentially” as businesses continued to reopen amid COVID-19-related shutdowns, FedEx said.
Source: News Formal (newsformal.com)
Great service. Ups and Amazon too
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