United Parcel Service (NYSE: UPS) stock surged more than 10% in the pre-market trading session on upbeat second quarter 2020 results. Adjusted EPS of $2.13 and revenue of $20.5 billion increased 9% and 13% respectively and surpassed the market’s estimates.
UPS stock, which hit a 52-week high ($125.31) last November, will establish a fresh high in today’s regular trading session.
“Our results were better than we expected, driven in part by the changes in demand that emerged from the pandemic, including a surge in residential volume, COVID-19 related healthcare shipments and strong outbound demand from Asia,” said CEO Carol Tome.