FedEX Corp. (NYSE: FDX) reported fiscal first-quarter 2021 financial results after markets closed Tuesday. The firm reported $4.87 in earnings per share (EPS) and $19.3 billion in revenue, compared with consensus estimates that called for $2.69 in EPS and $17.55 billion in revenue. In the same period last year, the company reported $3.05 in EPS and $17.05 billion in revenue.
Management said that the earnings growth this quarter underscores the importance of its business initiatives and investments over the last several years, and, in many ways, the world has accelerated to meet these strategies.
Operating results increased due to volume growth in FedEx International Priority and U.S. domestic residential package services, yield improvement at FedEx Ground and FedEx Freight, and one additional operating weekday. These factors were partially offset by costs to support strong demand and to expand services, variable compensation expenses, and COVID-19 related costs incurred to ensure the safety of FedEx team members and customers.
FedEx noted that it will not be providing an earnings forecast for the fiscal 2021 full year. However, management was sure to note that it expects FedEx to continue to benefit from its strong position in the U.S. and international package and freight markets.
Looking ahead, analysts are calling for $2.46 in EPS and $17.9 billion in revenue for the fiscal second quarter. For the 2021 fiscal full year, the consensus estimates are calling for $11.01 in EPS and $72.03 billion in revenue.
FedEx stock closed Tuesday at $236.68, with a 52-week range of $88.69 to $241.00. The consensus analyst price target is $222.88. Following the announcement, the stock was up 6% at $252.46 in the after-hours session.
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