United Parcel Service Inc. (UPS), the world’s largest-package delivery company, posted third-quarter earnings that beat analysts’ estimates after carrying more U.S. shipments at higher rates.
Net income more than doubled to $1.1 billion, or $1.16 a share, from $469 million, or 48 cents, a year earlier, the Atlanta-based company said today in a statement. The average of 26 estimates compiled by Bloomberg was $1.15. Revenue rose 3.4 percent to $13.5 billion, trailing the $13.6 billion average of analysts’ estimates.
UPS said revenue from each domestic parcel rose 1 percent and daily package volume was up 2.3 percent. UPS and rival FedEx Corp. (FDX) are considered economic bellwethers because of the variety of goods they ship around the world.
The shares increased as much as 3.6 percent to $97.90 in early trading. The stock climbed 28 percent this year before today, topping the 23 percent advance for the Standard & Poor’s 500 Index while trailing the 43 percent gain for FedEx, the operator of the world’s largest cargo airline.
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