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01.07.2020

FedEx shares rally amid upbeat quarterly results

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The company’s stocks jumped nearly 10% on better-than-expected quarterly profit and revenue

Stocks impacted: FedEx Corp (FDX)

The U.S. package carrier reported better-than-expected adjusted profit and sales in its fiscal fourth quarter due to a surge in online buying amid the coronavirus pandemic. The firm reported a loss of $334 million, or $1.28 a share, compared with a loss of $1.97 billion, or $7.56 a share. Adjusted profit fell by almost 50% to $663 million. Revenue slipped to $17.4 billion from $17.8 billion a year earlier. FedEx total U.S. domestic residential volume was 72% for the fourth quarter, versus 56% a year earlier. The firm said it would not issue a 2021 forecast after its fiscal fourth quarter adjusted profit tumbled, with the timing and pace of an economic recovery being uncertain. Following a better-than-expected report, stocks rallied over 9% in extended trading on Tuesday.

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