RTTNews | Jun 24, 2021 05:00PM EDT

16:59 Thursday, June 24, 2021 (RTTNews.com) - Package delivery giant FedEx Corp. (FDX), Thursday reported a fourth-quarter profit and revenues that trumped Wall Street estimates, driven by increase in volumes.

Memphis, Tennessee-based FedEx reported fourth-quarter profit of $1.87 billion or $6.88 per share, compared to last year's loss of $334 million or $1.28 per share.

Adjusted earnings for the quarter were $5.01 per share, up from $2.53 per share last year. On average, 26 analysts polled by Thomson Reuters expected earnings of $4.99 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose to $22.6 billion from $17.4 billion last year. Wall Street analysts had a consensus estimate of $21.51 billion.

Operating margin improved to 7% from 3.5% last year.

FedEx said its fourth-quarter results were driven largely by volume growth and disciplined revenue and portfolio management. However, this was partially offset by costs to support strong demand, increased variable compensation expense, and higher labor rates.

Looking forward to full year 2020, the company expects adjusted earnings of $20.50 to $21.50 per share. That is before MTM retirement plan accounting adjustments and excluding estimated TNT Express integration expenses and various realignment costs. Analysts currently expect earnings of $20.37 per share.

FDX closed Thursday's trading at $303.69, up $6.32 or 2.13%, on the NYSE. The stock, however, slipped $12.55 or 4.13%, in the after-hours trade.

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