NEW YORK — FedEx says its profit nearly tripled in its most recent quarter, despite winter weather that hobbled some of its facilities.
Online shopping has surged during the pandemic as more people avoid going inside stores. That has made package delivery companies like FedEx in high demand.
“I’m exceedingly proud of our FedEx team members, who are moving the world forward through the delivery of COVID-19 vaccines — the most important work in the history of FedEx,” said Fred Smith, FedEx Corp. chairman and chief executive officer.
The Memphis, Tennessee-based company reported net income of $892 million for the three months ending Feb. 28, compared with $315 million in the same period the year before.
Adjusted earnings came to $3.47 per share, beating Wall Street expectations.
The company said revenue rose 23% to $21.5 billion, also beating expectations.