Stock Alert: FedEx Declines 4%

(RTTNews) - Shares of delivery services company FedEx Corporation (FDX) are down more than 4% Friday morning despite reporting better-than-expected second-quarter results.

Net income in the third quarter rose to $1.23 billion or $4.55 per share from $560 million or $2.13 per share in the same quarter a year ago.

Earnings on an adjusted basis of $4.83 per share beat the average estimate of analysts polled by Thomson Reuters at $4.83 per share.

Revenue for the quarter increased to $20.6 billion from $17.3 billion last year due to rate hike and surge in volume.

"While the overall environment remains uncertain, we expect earnings growth in the second half of fiscal 2021 driven by the anticipated heightened demand for our services," said Michael C. Lenz, FedEx Corp. executive vice president and chief financial officer.

FDX, currently at $279.15, has been trading in the range of $88.69- $305.66 in the past 52 weeks.