UPS’ First-Quarter Profit Rises
UPS Inc. said Wednesday its first-quarter net income rose to $906 million, or 87 cents per share, from $843 million, or 78 cents, a year ago.
Revenue rose 6.5% to $12.7 billion, the company said in a statement.
Earlier this month, UPS had lowered its first-quarter outlook due to a weak economy, to 86 to 87 cents per share, down from a previously forecast 94 to 98 cents.
Less-than-truckload revenue rose 4.1% and was “constrained by the slowing U.S. economy,” UPS said in a statement.
Domestic package revenue rose to $7.74 billion, from $7.55 billion a year ago, while international package revenue rose to $2.76 billion, from $2.39 billion.
Supply chain and freight revenue rose to $2.18 billion, from $1.97 billion last year.
Kurt Kuehn, UPS’ chief financial officer, said the company sees “no signs of economic strengthening in the second quarter,” and that it would earn 97 cents to $1.04 per share in the second quarter, compared with $1.04 per share in last year’s second quarter.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
