UPS Reports Higher 1Q Profit; Boosts Full-Year Earnings Forecast
UPS Inc. said Tuesday its first-quarter profit improved as its supply chain and freight unit’s operating income jumped 44%, and the company again boosted its 2011 earnings outlook.
Net income increased to $885 million, or 88 cents per share, from $533 million, or 53 cents, a year earlier. Revenue rose 7.3% to $12.6 billion, UPS said in a statement.
UPS raised its 2011 earnings per share guidance to a range of $4.15 to $4.40 — up from its previous $4.12 to $4.35 guidance and 17% to 24% over 2010’s adjusted results.
Less-than-truckload unit UPS Freight’s revenue rose 23% over a year ago, to $604 million, matching its fourth-quarter year-over-year increase.
Forwarding and logistics, also within the supply chain and freight unit, had a 2.7% revenue increase, to $1.43 billion.
Its supply chain and freight unit’s operating profit jumped 44% to $131 million, while revenue rose 7.6% to $2.14 million.
U.S. domestic package operating profit improved 29% to $849 million, while revenue rose 6.2% to $7.54 billion.
International package operating profit increased to $446 million from $427 million, on 10% revenue growth, to $2.9 billion.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
