UPS’ Fourth-Quarter Income Jumps
UPS Inc. said Tuesday its fourth-quarter and full-year net income rose as it delivered almost 4 billion packages in 2010, and that it expects its 2011 profits to hit an all-time high.
The company’s net income rose to $1.12 billion, or $1.11 per share, up from $757 million, or 75 cents, a year earlier.
Adjusted earnings were $1.08 per share, a 44% improvement over the prior-year period, as UPS recorded a net after-tax gain of $32 million related to the sale of some business units.
Fourth-quarter revenue rose to $13.42 billion, from $12.38 billion a year ago, the company said in a statement.
Less-than-truckload unit UPS Freight’s fourth-quarter revenue jumped 23% due to double-digit growth in shipments per day. Forwarding and logistics revenue rose 10.1% to $1.6 billion, the company said.
For all of 2010, UPS earned $3.5 billion, or $3.48 per share, up from $2.2 billion, or $2.14, in 2009, while revenue rose 9.4% to $49.5 billion. The company delivered 3.9 billion packages last year, an average of 15.6 million per day.
UPS said that for 2011 it expects to earn $4.12 to $4.35 per share, up 16% to 22% over 2010’s adjusted results, which would top its record earnings of 2007.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
