Higher shipping rates help UPS as Q3 results top Street
ATLANTA -- UPS' third-quarter results beat analysts' expectations, as consumers are paying higher rates to have the package delivery company fulfill their shipping needs.
Shares rose 5% before the market open on Tuesday.
United Parcel Service Inc. earned $2.33 billion, or $2.65 per share for the period ended Sept. 30. That compares with $1.96 billion, or $2.24 per share a year ago.
Stripping out one-time items, earnings were $2.71 per share. That easily beat the $2.52 per share analysts surveyed by Zacks Investment Research expected.
Revenue for the Atlanta-based company improved to $23.18 billion from $21.24 billion. This topped the $22.61 billion that analysts predicted.
In the U.S., revenue climbed 7.4% to $14.21 billion, helped by a 12% increase in revenue per piece. The performance was better than the $14.19 billion Wall Street was calling for. International revenue rose 15.5% to $4.72 billion, topping the $4.66 billion expected.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UPS at https://www.zacks.com/ap/UPS