UPS’ Second-Quarter Profit Jumps
UPS Inc. said Tuesday its second-quarter net income rose to $1.06 billion, or $1.07 per share, from $845 million, or 84 cents, year earlier.
The earnings per share were its highest ever for a second quarter, UPS said. Revenue rose 8.1% to $13.2 billion.
UPS held its 2011 earnings forecast to a range of $4.15 to $4.40 per share. Adjusted earnings were $1.05 per share.
The supply chain and freight unit’s operating profit rose 41% on an adjusted basis to $187 million, a record, with revenue rising 7% to $2.32 billion.
Less-than-truckload unit UPS Freight’s revenue rose 19%, with increases in revenue per hundredweight and gross weight of 11.2% and 6.2%, respectively.
Forwarding and logistics, also within supply chain and freight, saw its revenue rise 2.7% to $1.54 billion.
Its U.S. domestic package unit’s operating profit rose 31% on an adjusted basis, with revenue growth of 6.4% to $7.7 billion. Volume growth was flat as a result of the slow U.S. economy, UPS said..
International package unit revenue rose 13.3% to $3.14 billion, driven by an export volume increase of 8.1%, with Europe and China continuing strong growth trends.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
