FedEx Beats Q3 Forecast as E-Commerce Boom Drives Delivery Demand

This post was originally published on this site – FedEx (NYSE:FDX) reported on Thursday third quarter earnings that beat analysts’ forecasts and revenue, as the pandemic-fueled jump in ecommerce deliveries and price hikes bolstered performance.

FedEx shares gained 2.9% in after-hours trade following the report.

FedEx announced earnings per share of $3.47 on revenue of $21.5 billion. Analysts polled by anticipated EPS of $3.35 on revenue of $19.93 billion.

Operating results were primarily driven by strong volume growth in U.S. domestic residential package and FedEx international priority services and pricing initiatives across all transportation segments.

Looking ahead to fiscal 2021, the company forecast earnings in the range $17.60 to $18.20 per diluted share.

“These forecasts assume continued recovery in U.S. industrial production and global trade, no additional COVID-19-related business restrictions and current fuel price expectations,” the company said.

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