UPS Profit Tops Analysts' Estimates on Global Economic Pickup

Discussion in 'The Latest UPS Headlines' started by cheryl, Oct 21, 2010.

  1. cheryl

    cheryl I started this. Staff Member

    UPS Profit Tops Analysts' Estimates on Global Economic Pickup - Bloomberg

    United Parcel Service Inc., the world’s largest package-delivery company, raised its annual forecast after posting an 80 percent gain in quarterly profit, topping analysts’ estimates as international shipments rose.

    Third-quarter net income advanced to $991 million, or 99 cents a share, the Atlanta-based company said today in a statement. Excluding a gain on a real estate sale, profit was 93 cents, exceeding the 88-cent average of 21 estimates in a Bloomberg survey.

    Shipments from Europe and Asia outpaced gains in the U.S., where the economic recovery is slow. UPS said it expects “modest growth” during the peak holiday shipping season between Thanksgiving and Christmas, and is benefiting from lower costs in the U.S. after cutting jobs and merging regional divisions.