FDX FedEx Corp

   By Allison Prang 
 

FedEx Corp., whose volumes have been hurt by the Covid-19 pandemic, reported a drop in revenue and a more than $300 million loss in its fourth quarter.

FedEx said the pandemic affected essentially all of the company's revenue and expense lines. The company said residential deliveries in its ground unit and that charter and transpacific flights in its express unit jumped. The company said those increases led to incremental expenses.

Commercial volumes dropped because of business closures, FedEx said.

The Memphis, Tennessee-based company reported a loss of $334 million, or $1.28 a share. FedEx's loss a year ago was $1.97 billion, or $7.56 a share.

The company said adjusted earnings were $2.53 a share. FactSet said analysts expected $1.58 a share in adjusted earnings for the quarter.

Revenue was $17.4 billion, more than Wall Street's consensus estimate of $16.41 billion. While revenue topped estimates, it fell from $17.8 billion a year ago.

The company had about $125 million in operating expenses related to the pandemic that went toward personal protective equipment, among other things.

The company said it wasn't giving an outlook for earnings for the new fiscal year "as the timing and pace of an economic recovery are uncertain." FedEx did say it is expecting about $4.9 billion in capital expenditures, which would be down about $1 billion from the prior fiscal year.

Shares of FedEx gained 9.2% to $140.22 in after-hours trading.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

June 30, 2020 16:49 ET (20:49 GMT)

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