Business • Markets

Home deliveries boost FedEx's sales past $20 billion, profit nearly triples

FedEx shares have more than doubled in price since the pandemic forced government officials to shutter businesses and issue stay-at-home orders. The revenue for the quarter ended Feb. 28 grew 23% to $21.5 billion, boosted by a half-billion holiday package deliveries and COVID-19 vaccines shipments.

Average daily package volume for FedEx Ground, which counts Walmart among its top e-commerce shipping partners, jumped 25% to 13.2 million during the quarter.

The results came even as severe winter weather in February disrupted service at important facilities in Memphis, Indianapolis and North Texas and reduced quarterly operating income by about $350 million.

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