UPS Profit Tops Estimates, Affirms Outlook

United Parcel Service Inc. said Friday it had net income of $1.214 billion, or $1.32 a share, in the third quarter, up from $1.097 billion, or $1.16 a share in the year-earlier period, buoyed by growth across its business segments. Revenue rose 5.7% to $14.290 billion. The FactSet consensus was for per-share earnings of $1.28 and revenue of $14.197 billion. Global shipments rose 6.9% to 1.1 billion in the quarter, as daily packages rose 6.9% in the U.S. and international export shipments rose 9.4%. Looking ahead, UPS is expecting December shipments to climb 11% from the year earlier. The company said it still expects full-year per-share earnings to range from $4.90 to $5.00. Shares were not yet active in premarket trade but are down 4.4% in the year so far, while the S&P 500 is up 5.5%.

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