[ad_1]
FreedomWorks economist Steve Moore speaks out on FedEx’s earnings report, which shows record profits, an economic recovery in the United States and a possible stimulus.
After successfully delivering the first shipment of the US coronavirus vaccine created by Pfizer and BioNTech, FedEx President and COO Raj Subramaniam told analysts on Thursday that the company’s team “was ready to transport additional shipments of vaccine internationally “if necessary.
“Our unmatched Express network was built for time-bound shipments like these vaccines,” Subramaniam said during the call for the company’s second quarter results for fiscal 2021. “Simply put, a global health of this scale requires a network of our scale to address. Here’s who we are and what we do. “
FedEx’s delivery network includes approximately 680 planes, 200,000 vehicles and nearly 600,000 employees.
FEDEX AND UPS MANAGE PACKAGE RELEASE WITH STRICT LIMITS FOR BUYERS
The announcement came after FedEx announced that its ground unit’s shipping volume jumped 28% year-on-year in the last quarter to 12.3 million, as consumers purchase everyday items online before the end of year celebrations.
Meanwhile, the company’s Express unit, responsible for distributing the COVID-19 vaccine, saw a 10% year-over-year increase in volume. Revenue per package jumped 7% to $ 9.24 for the quarter.
The parcel delivery service posted a profit of $ 1.23 billion, or $ 4.55 per share, on revenue of $ 20.6 billion, compared to a profit of $ 560 million, or $ 2.13, on sales of $ 17.3 billion a year earlier.
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
Memphis-based delivery services company predicts “modest increase in volumes from COVID-19 vaccine delivery” through remainder of 2021 due to ongoing freight capacity constraints caused by travel warnings and restrictions of the government.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| FDX | FEDEX CORPORATION | 292.26 | +3.45 | + 1.19% |
However, the company did not provide a profit outlook for fiscal 2021, citing continued uncertainty and higher costs resulting from the coronavirus pandemic.
“While the overall environment remains uncertain, we expect earnings growth in the second half of fiscal 2021, driven by the expected increased demand for our services as we continue to execute our strategic priorities,” added Michael Lenz, Executive Vice President and Chief Financial Officer of FedEx. .
FedEx closed at $ 292.26 per share at the end of Thursday’s trading session. The stock is down more than 3% in after-hours trading on Thursday at the time of publication.
GET FOX BUSINESS ON THE ROAD BY CLICKING HERE
[ad_2]
Source link