FedEx profits nearly triple amid online shopping spike
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.