UPS is reporting a profit of $1.77 billion with the pandemic fueling a 21% surge in daily shipping volume, the largest quarterly increase ever recorded by the company
July 30, 2020, 11:04 AM
1 min read
UPS is reporting a profit of $1.77 billion with the pandemic fueling a 21% surge in daily shipping volume, the largest quarterly increase ever recorded by the company.
The daily volume of goods shipped to homes, items that last year might have been purchased in stores, soared 65%.
On a per-share basis, the Atlanta company on Thursday reported net income of $2.03. Earnings, adjusted for non-recurring costs, came to $2.13 per share.
That is $1.09 better than Wall Street had expected, according to a survey by Zacks Investment Research.
The company's stock rose 10% before the opening bell.
The package delivery service posted revenue of $20.46 billion, topping projections by more than $3 billion.
—————
Portions 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
