United Parcel Service’s (NYSE: UPS) Q3 earnings exceeded the market’s expectations, while revenue fell short of the consensus views. The logistics firm reported adjusted EPS of $2.07, up 14% and revenue of $18.32 billion, which grew 5% in the third quarter of 2019. Analysts had projected UPS to earn $2.06 per share on revenue of $18.35 billion. The company also reiterated its FY19 adjusted EPS outlook. UPS stock slid about 3% in the pre-market trading hours.
On a GAAP basis, UPS posted a profit of $2.01 per share, up 16% from last year’s third quarter. Operating profit growth of more than 20% in the recently ended quarter was led by the U.S. Domestic and International segments. U.S. Domestic segment had volume gains across all products.
In the U.S. Domestic segment, total volume across all products grew more than 9%. Next Day Air increased nearly 24%; Deferred Air grew more than 17%; and Ground volume rose nearly 7%. Growth came from both B2C and B2B shippers, led by the retail, healthcare and high-tech sectors.
The Atlanta, Georgia-based firm reiterated its fiscal year 2019 adjusted EPS guidance of $7.45 to $7.75, which assumes no further deterioration regarding global trade uncertainty or U.S. industrial weakness. Adjusted free cash flow for the full-year is projected to be over $4 billion.
“As we recently announced, we continue to forge new partnerships and create innovative solutions to accelerate growth in the most attractive opportunities,” said CEO David Abney.
UPS also announced today that its Chief Operating Officer will retire at the end of December 2019.
UPS stock has gained 22% since the beginning of this year and 2% from this time last year.
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