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UPS Q3 Profit Matches Estimates on Strong International Growth

Thursday, October 27, 2016 6:17
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(Before It's News)

ups-logoUnited Parcel Service, Inc. (NYSE:UPS) delivered in-line Q3 results this morning, as strong international growth stood out as a key highlight of the shipping giant’s business.

The Atlanta-based company reported Q3 EPS of $1.44, matching Wall Street expectations. Revenue rose 4.9% from last year to $14.93 billion, beating estimates for $14.72 billion.

Looking ahead, UPS reaffirmed its previously-announced full-year adjusted EPS outlook range of $5.70-5.90, which straddles analysts’ view of $5.81 per share for the year.

For the latest period, UPS noted the following performance in its business units:

  • U.S. Domestic revenue rose 4.8% to $9.3 billion, with average daily package volume gaining 5.7%.
  • International operating profit surged 14% to $576 million, a record for Q3. Daily Export volume increased 7.1%, helped by big gains out of Asia.
  • Air Freight Forwarding and LTL (less than truckload) market conditions were weak in the third quarter, as truckload brokerage industries remain soft.

The company commented via press release:

“We are providing value to UPS customers worldwide and our solutions enabled strong growth this quarter,” said David Abney, UPS chairman and CEO. ”The investments we are making in technology and capacity will ensure UPS continues to deliver great results well into the future.”

“Through the third quarter we are performing according to our expectations, and we’ve taken the necessary steps to ensure we capitalize on record volume levels during peak season,” said Richard Peretz, UPS chief financial officer. “As a result, we remain confident in achieving our 2016 full-year guidance for adjusted diluted earnings per share.”

UPS shares were mostly flat in premarket trading Thursday. Prior to today’s report, UPS had gained 12.87% year-to-date, more than doubling the S&P 500 index’s 4.83% return in the same period.

UPS-2016-10-27

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