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Demand for deliveries pushes FedEx 2Q profit to $1.2 billion

In this June 25, 2019, file photo, a FedEx delivery truck is loaded by an employee on the street in downtown Cincinnati. FedEx is off to a fast start during the holiday-shipping season. The company said Thursday, Dec. 17, 2020, that its quarterly profit more than doubled to $1.23 billion. Revenue is up 19%, led by growth in its ground business that handles packages. (AP Photo/John Minchillo, File)
In this June 25, 2019, file photo, a FedEx delivery truck is loaded by an employee on the street in downtown Cincinnati. FedEx is off to a fast start during the holiday-shipping season. The company said Thursday, Dec. 17, 2020, that its quarterly profit more than doubled to $1.23 billion. Revenue is up 19%, led by growth in its ground business that handles packages. (AP Photo/John Minchillo, File)

By DAVID KOENIG / Associated Press 3 min read

FedEx Corp. more than doubled its profit in the latest quarter, as holiday packages were being stuffed into delivery trucks alongside everyday goods that people buy online to avoid visiting stores during the pandemic.

The delivery giant said Thursday it earned $1.23 billion in its fiscal second quarter, compared with $560 million a year earlier. Revenue rose 19%.

FedEx declined to forecast future earnings, but Chief Financial Officer Michael Lenz said the company expects earnings to grow over the next six months because of heightened demand for shipping services.

The quarter ended Nov. 30, meaning that the figures reported Thursday captured only the beginning of the peak U.S. delivery period that runs from Thanksgiving through Christmas.

FedEx and rival United Parcel Service have been running at Christmas-like levels for several months already, as the pandemic causes people to do more of their routine shopping online.