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FedEx Reports Increase in Earnings, But Shares Fall Due to 2022 Forecast

LOS ANGELES, Jun 24 (.) – Delivery company FedEx Corp reported a slightly higher-than-expected rise in quarterly earnings and revenue on Thursday, but its shares lost 4.1% on a forecast for 2022.

Shares of the Memphis-based company fell $ 12.31 to $ 291.38 in after-market trading after it forecast 2022 taxable earnings, excluding some items, from $ 18.90 to $ 19.90. per share, below the average analyst estimate of $ 20.37, according to Refinitiv data.

The paper ended the session with a rise close to 150% since March 1, 2020, about two weeks before states and jurisdictions in the United States began to close deals to slow the spread of the coronavirus.

FedEx founder and CEO Fred Smith said in a conference call that he expects the firm’s margins to continue to grow this year, but that operations are being hampered by an inability to find enough workers.

FedEx’s fiscal fourth-quarter adjusted net income increased to $ 1.36 billion, or $ 5.01 per share, from 663 million, or $ 2.53 per share, a year earlier.

Revenue increased 30% to $ 22.6 billion.

Analysts had expected fourth-quarter earnings of $ 4.99 per share and revenue of $ 21.5 billion, according to Refinitiv. FedEx and rival United Parcel Service Inc raised rates and added surcharges as retailers asked to increase the pace of package delivery during the pandemic.

(Reporting by Lisa Baertlein in Los Angeles. Edited in Spanish by Rodrigo Charme)

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