Transportation
UPS Shares Jump on First Profit Growth in Nearly Two Years
- The company’s average daily US volume increased by 6.5%
- Results buoyed by completion of Coyote Logistics sale to RXO
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United Parcel Service Inc. returned to sales and profit growth for the first time in almost two years as the company benefited from higher volumes, more profitable packages and steadying labor costs.
The company highlighted a 6.5% increase in average daily US volume and additional USPS air cargo volume as key drivers of third-quarter results. Adjusted earnings were $1.76 per share, 13 cents above analyst estimates.