Share price in FedEx up in after-hours trading after courier company announces revenue rise in third-quarter results

Hayley Kirton
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FedEx Reports Earnings Doubled
The chief executive thanked his staff for their contribution to today's results (Source: Getty)

Share price in FedEx rose in after-hours trading after the courier company reported its third-quarter results for the period ended February 2016.

The company reported revenues of $12.7bn (£8.9bn), up 8.5 per cent from $11.7bn the year before, although net income dropped to $507m, down 19.3 per cent from $628m.

"Our strong financial performance was driven by increasing demand for our broad portfolio of FedEx business solutions which helped increase revenue and adjusted profit for the corporation," said Frederick Smith, chairman, president and chief executive of FedEx. "We sincerely appreciate the peak season efforts of our FedEx team members who delivered great service despite the challenges of stronger-than-expected shipping demand, driven by the growth in e-commerce."

Shares rose sharply by 6.2 per cent to $153.15 in after-hours trading.

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