FedEx reports record growth for fiscal 2021

FedEx has reported its revenue and earnings for the quarter ending May 31st, and for the full fiscal year 2021.

FedEx Express’ operating income for the quarter more than doubled year on year, driven by “exceptional” domestic and international package service growth, while FedEx Ground boasted revenue growth of 27%, thanks mainly due business-to-business shipments.

FedEx Freight, meanwhile, reported 30% growth in average daily shipments.

The company as a whole reported revenue of $84 billion for fiscal 2021, although net earnings had to swallow the costs of debt extinguishment, TNT Express integration expenses, business realignment costs, and retirement plan accounting adjustments.

Michael C. Lenz, executive vice president and chief financial officer of FedEx Corp, said: “The ongoing execution of our strategic initiatives has driven significant improvement in our fourth quarter results and highlights the continued strength of our business.”

Lenz said the company expected continued strong momentum in the next fiscal year, with investments focused on e-commerce as a growth area.

“I thank our team members around the world for their outstanding efforts during this extraordinary year,” said Fred Smith, FedEx CEO and chairman.

“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. I am optimistic about the future of FedEx as we continue to innovate for our customers and meet strong demand for our global transportation network and capabilities.”

Source: FedEx

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