(Reuters) – United Parcel Service Inc UPSN exceeded profit expectations on Wednesday, helped by increased door-to-door deliveries due to the COVID-19 pandemic
Average daily volumes in the United States increased 138% on continued strength in residential demand, the company said
« Our results were fueled by strong outbound demand from Asia and the growth of small and medium-sized enterprises, » said Carol Tomé, managing director, in a statement
Last month, the company announced it would hire more than 100,000 workers for the winter holiday season, as retailers work to avoid overloading an already taxed delivery network with purchases online fueled by a pandemic
Net income rose to about $ 2 billion, or $ 224 per share, in the quarter ended September 30, from $ 1.75 billion, or $ 2.01 per share, a year earlier
Excluding items, UPS earned $ 2.28 per share, beating analysts’ average estimate of $ 1.90 per share, according to Refinitiv data
Reporting by Sanjana Shivdas in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Arun Koyyur
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United Parcel Service, Stock, Revenue
World news – United States – UPS quarterly profit beats as pandemic boosts door-to-door deliveries
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SOURCE: https://www.w24news.com
