Higher shipping rates help UPS as Q3 results top Street

Business News

United Parcel Service (UPS) driver Joe Speeler makes a delivery at the Leanon Shops in Mount Lebanon, Pa., on Tuesday, Sept. 21, 2021. United Parcel Service Inc. on Tuesday, Oct. 26, 2021, reported third-quarter profit of $2.33 billion.(AP Photo/Gene J. Puskar)

ATLANTA (AP) — 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

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Business News

More Business News

Political News

More Political News

Technology News

More Technology News

Science News

More Science News

Entertainment News

More Entertainment News

Odd News

More Odd News

Associated Bank Market Outlooks and Thought Leaders

More The Opening Bell