Tag: deliveries

FedEx’s Profit Jumps as Residential Deliveries Soar | Business News

By CATHY BUSSEWITZ, AP Business Writer

NEW YORK (AP) — FedEx’s profit jumped 67% in its latest quarter, as online shopping soared among customers avoiding stores and shipments between businesses improved.

The delivery giant reported Tuesday that it earned $1.25 billion during the three months that ended Aug. 31, FedEx’s fiscal first quarter. That was up from $745 million a year earlier.

Its revenue rose to $19.32 billion, up 13% from $17.05 billion in last year’s quarter.

“The growth that we expected to see over a period of three to five years happened in a period of three to five months,” said Raj Subramaniam, president and chief operating officer at FedEx, in a conference call with investors.

Delivery of large packages, furniture and high-value electronics to homes increased, said Brie Carere, executive vice president and chief marketing and communications officer. Shoppers who are over 65 years old “finally moved to

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FedEx’s profit jumps as business deliveries improved

Updated

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FedEx posted $1.25B profit as business deliveries improved

NEW YORK — FedEx earned $1.25 billion in its latest quarter, as online shopping remained popular among customers avoiding stores and shipments between businesses improved.

The delivery giant reported Tuesday that it brought in $19.3 billion in revenue during the three months that ended Aug. 31, FedEx’s fiscal first quarter.

Many people are shopping online during the pandemic, which is helping some delivery companies. But delivery to homes is less profitable than those between businesses, and business deliveries slowed as the pandemic dragged on and some establishments remained shuttered.

The Memphis-based company did not provide an outlook for the full 2021 fiscal year.

“While business demand improved in the first quarter, continued uncertainties cloud our ability to forecast full-year earnings,” said Alan B. Graf, Jr., FedEx’s chief financial officer.

Revenue in its core Express segment grew to $9.65 billion in the quarter, up from $8.95 billion at the same time

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