NEW YORK (AP) – FedEx said Thursday that 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.
CEO Frederick Smith said he expects demand to “remain very high for the foreseeable future.”
Besides delivering shoppers’ orders, the company has also been shipping COVID-19 vaccines, which Smith called “the most important work in the history of FedEx.”
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.