UPS beats quarterly expectations, raises full-year guidance again
UPS beat Wall Street expectations for its third-quarter results and raised its full-year guidance for the second quarter in a row.
United Parcel Service on Tuesday reported third-quarter results that beat Wall Street expectations and raised its full-year guidance.
The guidance raise comes after the company already upped its outlook last quarter . UPS now said it's projecting full-year consolidated revenue of approximately $92.6 billion, up from its previous expectations of $91.2 billion, as well as fourth-quarter revenue of $25.7 billion.
Here's how the company performed in its third quarter, compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
For the quarter ended Sept. 30, UPS reported net income of $1.16 billion, or $1.37 per share, down slightly from net income of $1.31 billion, or $1.55, the year prior. Adjusting for one-time expenses, UPS reported earnings per share of $1.69.
In its domestic segment, the company said it saw a 4.5% increase in revenue, while its international segment saw a 7.1% rise in revenue. Its supply chain solutions business saw an 18.2% revenue increase, which UPS said was primarily driven to growth in forwarding and logistics, including healthcare .
The company had previously said it expected its third-quarter domestic revenue to be flat and for domestic average daily volume to fall due to seasonal declines and the glide down with Amazon .
"As momentum builds, we are entering the holiday shipping season from a position of strength, with the most automated and efficient network in our history," CEO Carol Tomé said in a statement.
UPS has been in the midst of a turnaround under Tomé's leadership, working to create a leaner business model and leveraging automation to position the company for growth.
