logo
Plus   Neg
Share
Email

FedEx Jumps 9% After Q4 Results Top Wall Street

Shares of FedEx Corp. (FDX) gained 9% on extended trading session Tuesday after the package delivery giant's fourth-quarter earnings and revenues trumped Wall Street estimates.

Memphis, Tennessee-based FedEx reported fourth-quarter loss of $334 million or $1.28 per share compared with last year's loss of $1.97 billion or $7.56 per share.

Adjusted earnings for the quarter were $2.53 per share, down from $5.01 per share last year. On average, 21 analysts polled by Thomson Reuters expected earnings of $1.52 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter dropped to $17.4 billion from $17.8 billion last year. Wall Street analysts had a consensus estimate of $16.49 billion.

"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," said CEO Frederick Smith.

Looking forward, FedEx said it is not providing an earnings forecast for fiscal 2021 as the timing and pace of an economic recovery are uncertain.

FDX closed Tuesday's trading $140.22, up $5.67 or 4.21%, on the NYSE. The stock further gained $12.78 or 9.11% in the after-hours trade.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT