Higher shipping rates help UPS as Q3 results top Street

Business

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.

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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 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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