Freight forwarding company United Parcel Service, Inc. (NYSE: UPS) Tuesday reported a 6% increase in first-quarter revenues, aided by strong e-commerce demand. The positive top-line performance translated into double-digit growth in adjusted earnings, which also topped expectations.
Net profit, adjusted for non-recurring items, increased to $3.05 per share in the first quarter from $2.77 per share in the same period of 2021 and came in above analysts’ forecast. Unadjusted net income was $2.66 billion or $3.03 per share, compared to $4.79 billion or $5.47 per share last year.
Total revenues increased 6.4% year-over-year to $24.4 billion. Analysts were looking for slower growth. All the three operating segments registered growth.
“I want to thank all UPSers for their outstanding efforts during a challenging first quarter to serve the needs of our customers. The agility of our network and the continued execution of our strategy delivered another quarter of strong financial performance, putting us on our way to achieving our 2022 consolidated financial targets,” said Carol Tome, chief executive officer of UPS.
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