World News – US – UPS posts strong gains as parcel volumes increase

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United Parcel Service Inc

UPS 169%

said revenue increased nearly 16% in the third quarter as its business continued to be driven by the influx of parcels circulating nationally and internationally during the pandemic

The Atlanta-based delivery giant said delivery volumes increased 138% at its large US nationwide business over the past period as more people shopped online. international shipments, which benefited from reduced shipping capacity due to a decrease in passenger flights, increased by 12%

Overall profit increased 118% due to additional business, although its US business recorded lower profits despite higher demand due to additional costs and lower delivery margins from million additional parcels at home

UPS chief executive Carol Tomé said business was driven mainly by strong demand from Asia and the resumption of growth in small and medium-sized businesses shipping through her network

Both

FedEx

and UPS have been inundated with packages during the pandemic as fewer consumers visit stores and more people shop online The package boom has overwhelmed their delivery networks and extended delivery times, but demand has gave carriers leeway to charge fees and negotiate higher rates with shippers

Shipping volume expected to remain robust during the holiday season FedEx and UPS have warned their larger customers that there is no additional capacity available during the busy shipping period, while others small carriers stopped accepting new customers until next year

In his report on the results, UPS CFO Brian Newman said the company is working closely with its customers and « using our proven tools to control volume and ensure resiliency » of its network during the upcoming high season

The setup endeared carriers to investors FedEx shares are up over 80% this year, while UPS shares are up around 45%

For the period ended Sept. 30, UPS made nearly $ 2 billion, or $ 224 per share, compared to $ 18.3 billion, or $ 2.01 a share, in the prior year period Excluding some restructuring costs, UPS said earnings per share was $ 2.28

Analysts polled by FactSet recently expected the company to report revenue of $ 1.90 a share on revenue of $ 20.2 billion

United Parcel Service, Earnings, NYSE: UPS, Stock

News from around the world – United States – UPS posts big gains as parcel volumes increase


SOURCE: https://www.w24news.com

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