Business

FedEx shares soar almost 9% as home delivery boosts results

LOS ANGELES (Reuters) – Shares of FedEx Corp (FDX.N) jumped 8.5% in extended trading on Tuesday after a surge in pandemic-fueled home deliveries helped the U.S. package delivery company beat Wall Street’s quarterly profit and revenue targets.

The Memphis-based company reported adjusted net income of $663 million, or $2.53 per share, for the quarter ended May 31. That was down from an adjusted profit of $1.32 billion, or $5.01 per share, a year earlier.

Revenue slipped to $17.4 billion from $17.8 billion.

Analysts, on average, expected a profit of $1.52 per share on revenue of $16.4 billion, according to Refinitiv IBES data.

FedEx is in turnaround mode as it grapples with an unexpected flood of coronavirus-related e-commerce shipments.

FedEx shares were up $11.98 at $152.20 in extended trading.

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