Revenues and profits rose for FedEx in its fiscal third quarter, continuing the good run that the company has been having lately.
The company’s fiscal third-quarter revenues jumped up by 22.9% year on year to US$21.5bn while its operating profits improved 145.7% to US$1bn. The company’s net income was up 64.7% to US$892m.
“The significant improvement in our third quarter results highlights the momentum in our business which continued through an unprecedented peak season,” said Michael C. Lenz, FedEx executive vice president and chief financial officer. “Our growth in fiscal 2021 has identified opportunities for investments that further position us for sustained long-term growth in earnings and cash flows as we move into fiscal 2022 and beyond.”
According to the company, the god performance was a result of a combination of three factors – the strong volume growth in US domestic residential package that was spurred by rising e-commerce demand, a 41% increase in FedEx International Priority volume led by Asia and Europe, and price rises across all transportation segments.
The positive factors were partially offset by costs to support strong demand and expand services, variable compensation expense, higher labor rates, and one fewer operating weekday.
Although the company expects passenger capacity to recover between 55% and 75% of its pre-Covid-19 level by the end of 2021, it does not expect a full recovery until 2023-2024. “Global air cargo capacity remains down 20% year on year as of January and we expect air cargo capacity to remain constrained through to the end of calendar year 2021,” said Brie Carere, Chief marketing and communications officer of FedEx.
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