Mar 20, 2021 - Economy

FedEx profits nearly triple amid online shopping spike

Picture of two FedEx trucks

Photo: Luke Sharrett/Bloomberg via Getty Images

FedEx's profit nearly tripled in its third quarter, the company announced, reporting net income of $892 million for the three months ending Feb. 28.

Why it matters: Delivery companies like FedEx have benefitted from increased demand for online shopping during the coronavirus pandemic.

  • The Memphis, Tennessee-based company has also been delivering coronavirus vaccines across the U.S., an effort that CEO Frederick Smith called, "the most important work in the history of FedEx."
  • "We expect demand for our unmatched e-commerce and international express solutions to remain very high for the foreseeable future," Smith said.

By the numbers: FedEx's third quarter net income is compared to the $315 million the company made for the same quarter in 2020.

  • Income increased despite the company being rattled by severe winter weather, which FedEx said, "significantly impaired operations at several of the company’s largest facilities" and caused it to lose $350 million.
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