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FedEx profit rises on e-commerce boost – Reuters.com

A FedEx vehicle is driven in Manhattan, New York City, U.S., September 3, 2021. REUTERS/Andrew Kelly

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March 17 (Reuters) – FedEx Corp (FDX.N) posted a stronger quarterly profit on Thursday as the U.S. package delivery firm benefited from a boom in online shopping.

Pandemic-triggered curbs had accelerated the shift to e-commerce and many shoppers have kept up the habit of having everything from electronics to apparel delivered to their doorsteps.

The Memphis-based company’s adjusted net income for the fiscal third quarter increased to $1.22 billion, or $4.59 per share, from $939 million, or $3.47 per share, a year earlier.

Revenue for the quarter ended Feb. 28 grew 9.8% to $23.6 billion.

FedEx is also in talks with planemakers Boeing (BA.N) and Airbus (AIR.PA) to buy next-generation freighters to support growing e-commerce demand, according to industry sources. read more

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Reporting by Aishwarya Nair in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.