UPS Beats Profit Expectations, But Sales Fall Shy

United Parcel Service Inc.'s stock climbed 1.6% in light premarket trade Tuesday, after the package-delivery giant beat first-quarter profit expectations, although sales came up short. Earnings for the latest quarter rose to $1.03 billion, or $1.12 a share, from $911 million, or 98 cents a share, in the year-earlier period, and above the FactSet consensus of $1.09 a share. Revenue increased 1.4% to $13.98 billion, missing the FactSet consensus of $14.27 billion, as U.S. and international package sales both fell shy of forecasts. Currency changes reduced total sales growth by 2.2 percentage points. Total shipments increased 2.8% to 1.1 billion packages, led by European export growth of 9.4%. The company affirmed its full-year EPS outlook of $5.05 to $5.30. The stock has fallen 12% year to date, while the S&P 500 has gained 2.4%.