UPS’ 3Q Income Rises 3.7%
UPS Inc. said Tuesday its third-quarter net income rose 3.7% to $1.08 billion or $1.02 per share, from $1.04 billion or 96 cents a year ago.
Revenue rose 4.7% to $12.2 billion from last year’s third quarter, the company said in a statement.
Less-than-truckload revenue increased 12.1% to $521 million, with 13.3% shipment growth, UPS said.
The supply chain and freight segment’s adjusted operating profit improved by $117 million, while freight forwarding and logistics revenue rose 4.7% to $1.49 billion.
Export volume rose 9.3%, as double-digit gains in Europe and Asia were offset by single-digit growth in U.S. export volume, the company said. Operating profit rose 10.6% to $428 million.
For the full year, the company said its adjusted diluted earnings per share would be $4.13 to $4.19 per share, within the range it provided at the beginning of the year.
Chairman and Chief Executive Officer Mike Eskew said the company “turned in a solid performance in the face of a slower U.S. economy. We reached tentative agreement with the Teamsters on a new contract almost a year early. And we unveiled industry-leading service and technology innovations.”
Eskew announced last week that he would step down as CEO at the end of this year, to be replaced by Chief Financial Officer Scott Davis.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
