Earnings release
Page 1
FedEx® FedEx Corp. Reports Strong Third Quarter Results Operating Results Significantly Impacted by Severe Winter Weather Continued Strong Earnings Growth Expected in Fourth Quarter MEMPHIS , Tenn . , March 18 , 2021 ... FedEx Corp. ( NYSE : FDX ) today reported the following consolidated results for the quarter ended February 28 ( adjusted measures exclude the items listed below for the applicable fiscal year ) : Revenue Operating income Operating margin Fiscal 2021 Net income Diluted EPS As Reported ( GAAP ) $ 21.5 billion $ 1.01 billion Adjusted ( non - GAAP ) $ 17.5 billion $ 483 million 2.8 % 4.7 % $ 892 million $ 3.30 $ 371 million $ 1.41 This year's and last year's quarterly consolidated results have been adjusted for : Fiscal 2020 $ 0.21 Adjusted ( non - GAAP ) $ 21.5 billion $ 1.06 billion 4.9 % $ 939 million $ 3.47 Impact per diluted share TNT Express integration expenses Business realignment costs Fiscal 2020 As Reported ( GAAP ) $ 17.5 billion $ 411 million 2.4 % $ 315 million $ 1.20 " 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 Frederick W. Smith , FedEx Corp. chairman and chief executive officer . " As reflected in this quarter's results , continued execution of our strategies is producing strong earnings growth and margin improvement across our company . We expect demand for our unmatched e - commerce and international express solutions to remain very high for the foreseeable future . " - more - Fiscal 2021 $ 0.14 0.03 Operating results increased primarily due to strong volume growth in U.S. domestic residential package and FedEx International Priority services and pricing initiatives across all transportation segments . These factors were partially offset by costs to support strong demand and expand services , variable compensation expense , higher labor rates , and one fewer operating weekday . 1 Severe winter weather during February reduced the quarter's operating income by an estimated $ 350 million . The weather significantly impaired operations at several