UPS Posts Higher Quarterly Revenue, Boosted by Small Businesses
27 Avril 2021 - 1:22PM
Dow Jones News
By Dave Sebastian
United Parcel Service Inc. said its revenue rose in the latest
quarter, a period that saw mounting supply-chain woes world-wide,
as small and midsize businesses drove gains in the U.S.
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-delivery giant on Tuesday
posted revenue of $22.91 billion, up 27% from a year earlier and
ahead of Wall Street expectations.
The company, like its rival FedEx Corp., has been handling a
surge in e-commerce orders during the Covid-19 pandemic as
customers shopped from home. U.S. revenue rose 22.3% to $14.01
billion in the quarter, while international revenue rose 36.2% to
$4.61 billion, led by Asia and Europe.
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.
UPS 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 a year earlier.
First-quarter results included a net benefit of $2.4 billion, or
$2.70 a share, that includes a pension benefit, the company
said.
Adjusted earnings were $2.77 a share. Analysts polled by FactSet
were expecting adjusted earnings $1.72 a share.
The company said it isn't providing 2021 earnings and revenue
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.
UPS in January agreed to sell its freight business to rival TFI
International Inc. for $800 million, saying it is pulling out of
the domestic trucking market on the soaring small-package-delivery
business. The sale is one of the biggest strategic shifts by new
Chief Executive Carol Tomé since she took the position last
June.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 27, 2021 07:07 ET (11:07 GMT)
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