FedEx Corp., which has thrived during the coronavirus pandemic, on Thursday reported that “exceptional” growth in U.S. and international shipping propelled it to a record fourth quarter.
“We continue to play an important role in global economic recovery and the delivery of COVID-19 vaccines and relief supplies throughout the U.S., Canada and more than 35 other countries,” Chief Executive Frederick Smith said in a statement.
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The company reported fourth-quarter net income of $1.87 billion, or $6.88 a share, compared with a loss of $334 million, or $1.28 a share, in the year-ago period. Adjusted for retirement-plan accounting and other costs, earnings were $5.01 a share. Revenue rose to $22.6 billion from $17.4 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast earnings of $5.02 a share on revenue of $21.5 billion.
FedEx shares fell more than 4% in extended trading after rising more than 2% in the regular session to close at $303.69.
For the full year, FedEx reported net income of $5.23 billion, or $19.45 a share, on $84 billion in revenue. That compares with net income of $1.29 billion on revenue of $69.2 billion in the previous year.
Analysts had expected full-year earnings of $18.14 a share on revenue of $83 billion.
FedEx said it is unable to provide an outlook for fiscal 2022 results on a GAAP basis because it can’t forecast mark-to-market retirement plan accounting adjustments, though Chief Financial Officer Michael Lenz said in a statement that he expects “continued strong momentum.” Before the accounting adjustments and other costs, the company expects full-year earnings of $20.50 to $21.50 a share.
The company’s shares are up nearly 17% so far this year, and have risen about 125% in the past 52 weeks. By comparison, the S&P 500 Index
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