UPS United Parcel Service

By Dave Sebastian

United Parcel Service Inc. said its revenue rose for the latest quarter, a period that saw strong demand and mounting supply-chain woes world-wide.

Businesses faced disruptions in the first three months of the year as the extreme Texas freeze and port backlogs compounded pandemic-driven problems.

The package giant on Tuesday reported a profit of $4.79 billion for the quarter, compared with $965 million in the comparable period last year. Earnings were $5.47 a share, compared with $1.11 a share in the year-ago period.

First-quarter results included a net benefit of $2.4 billion, or $2.70 a share, comprising an after-tax mark-to-market pension benefit of $2.5 billion and after-tax transformation and other charges of $140 million, the company said.

Adjusted earnings were $2.77 a share. Analysts polled by FactSet were expecting adjusted earnings $1.72 a share.

UPS posted revenue of $22.9 billion, up 27% from the same period a year ago and ahead of Wall Street expectations.

Average daily volume rose 14.3%, the company said. UPS reported $4.29 billion in revenue for its supply chain and freight segment, up 34.3% from the prior year due to strong demand.

Like its rival FedEx Corp., the company has been handling a surge in e-commerce orders during the Covid-19 pandemic as customers shopped from home.

U.S. revenue rose 22%, led by small- and medium-sized businesses. International revenue rose 36%, led by Asia and Europe.

The company said it isn't providing 2021 revenue and earnings estimates due to economic uncertainty, though it continues to expect capital expenditures of about $4 billion and for the sale of UPS Freight to close in the second quarter.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

April 27, 2021 06:38 ET (10:38 GMT)

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