Mar 20, 2021 - Economy

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.