UPS profit beats expectations as demand for next day service surges - Reuters
United Parcel Service Inc (UPS.N) said on Wednesday a jump in demand for its Next Day Air service drove better-than-expected profit in the second quarter as large retailers rushed packages to online shoppers.
Shares of UPS jumped 8.6% to $114.33 in midday trading as the world’s biggest package delivery company also reiterated its 2019 forecast and said it was taking U.S. air volume from rivals.
UPS has been spending billions of dollars to modernize its network. Those investments - which include more automated package sorting facilities and new cargo planes - are helping to contain the cost of delivering small numbers of e-commerce packages to far-flung home addresses.
United Parcel Service Inc (UPS.N) said on Wednesday a jump in demand for its Next Day Air service drove better-than-expected profit in the second quarter as large retailers rushed packages to online shoppers.
Shares of UPS jumped 8.6% to $114.33 in midday trading as the world’s biggest package delivery company also reiterated its 2019 forecast and said it was taking U.S. air volume from rivals.
UPS has been spending billions of dollars to modernize its network. Those investments - which include more automated package sorting facilities and new cargo planes - are helping to contain the cost of delivering small numbers of e-commerce packages to far-flung home addresses.