FedEx (NYSE:FDX) earnings for the delivery company’s fiscal fourth quarter of 2020 have FDX stock taking off after-hours Tuesday. That’s thanks to its adjusted earnings per share of $2.53 on revenue of $17.4 billion. These are both better than Wall Street’s estimates of $1.52 per share on revenue of $16.49 billion.
Here’s what else is worth mentioning from the most recent FedEx earnings report.
- Adjusted per-share earnings are a 49.5% drop from $5.01 in the same period of the year prior.
- Revenue for the quarter comes in 2.2% lower than the $17.8 billion reported in fiscal Q4 2019.
- Operating income of $475 million is 64% lower year-over-year from $1.32 billion.
- The FedEx earnings report also has net loss coming in at $334 million.
- That’s an 83% improvement over its net loss of $1.97 billion reported during the same time last year.
Frederick Smith, chairman and CEO of FedEx, said this in the earnings report.
“Though our fiscal fourth quarter performance was severely affected by the COVID-19 pandemic, I am extremely proud of the herculean efforts of our team members. With safety as the first priority, these men and women provided essential transportation of critical supplies across the globe and delivered peak-level e-commerce volumes in the United States. As a result of the strategic investments we have made to enhance our capabilities and efficiencies, FedEx is well positioned to support and benefit from the reopening of the global economy.”
FedEx isn’t providing an outlook for the fiscal 2021 year at this time. It cites an uncertain pace for economic recovery from the novel coronavirus as the reason behind this decision.
FDX stock was up 9.3% after markets closed on Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/06/fedex-earnings-boost-fdx-stock-higher/.
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