FedEx has doubled its profit, expecting further growth

FedEx has doubled its profit, expecting further growth

FedEx Corp. in its second quarter of accounting, which ended on November 30, it more than doubled its profit. This time, packages sent for the holidays are supplemented by consignments of daily consumer goods that people buy over the Internet to avoid visiting shops during a pandemic. The shipping giant said it had made a profit of $ 1.23 billion in its second quarter, up from $ 560 million a year ago. FedEx revenue rose 19 percent to $ 20.56 billion from $ 17.32 billion a year ago, exceeding analysts' expectations of $ 19.33 billion. CFO Michael Lenz said the company expects profit growth in the next six months due to increased demand for delivery services. According to UBS analyst Thomas Wadewitz, the combination of strong volume growth and higher prices will help increase profit margins for the rest of FedEx's current fiscal year, which ends on May 31st.