UPS returns to profit, revenue growth ahead of crucial holidays; shares jump 10%
United Parcel Service reported better-than-expected quarterly profit and revenue on Thursday, ahead of the crucial peak holiday season, boosted by rebounding volume and effective cost controls and shares soared as much as 10% in early trading.
The world's biggest package delivery firm also raised its full-year adjusted operating margin forecast despite customers' ongoing switch to slower, cheaper deliveries in the long retrenchment that followed the early pandemic's e-commerce boom.
«We returned to revenue and profit growth the first time in two years,» CFO Brian Dykes said on a conference call with analysts.
Shares hit a high of $145.01 early in the trading session before retreating to $138.25, up 5%, by mid-morning.
UPS reported an adjusted third-quarter profit of $1.76 per share, a 12% year on-year rise that topped analysts' average estimate of $1.63 per share. Revenue was up almost 6% to $22.2 billion.
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