FedEx declines to issue 2021 forecast after profit falls

LOS ANGELES (Reuters) – U.S. package delivery company FedEx Corp said it would not issue a 2021 forecast after its fiscal fourth quarter adjusted profit tumbled amid a deadly pandemic that is upending lives and commerce around the globe.

The package delivery company, which is in turnaround mode as it grapples with an unexpected flood of coronavirus-related e-commerce shipments, reported adjusted net income of $663 million, or $2.53 per share, for the quarter ended May 31. That was down from an adjusted profit of $1.32 billion, or $5.01 per share, a year earlier.

Revenue slipped to $17.4 billion from $17.8 billion.

(Reporting by Lisa Baertlein in Los Angeles; Editing by Chris Reese)