Wednesday, April 14, 2010 UPS Pre-Announces Street-Beating 1Q Earnings, Strong Outlook By Kathryn Glass FOXBusiness The United Parcel Service (UPS: 65.44, 0.56, 0.86%) pre-announced earnings that significantly topped expectations, prompting the shipping company to hike its forecast for the fiscal year. The news sent shares of the up more than 3% after the market closed. The economic bellwether sees fiscal 2010 non-GAAP earnings in the range of $3.05 to $3.30 a share. The company had previously forecast a range of $2.70 to $3.05 a share. Analysts polled by Thomson Reuters had expected adjusted fiscal 2010 earnings of $2.95 a share, well below the company’s adjusted range. In the first quarter, UPS said it earned 53 cents per share, with adjusted earnings per share rising to 71 cents a share, compared to year-ago non-GAAP earnings of 52 cents per share. The company said consolidated revenue in the first quarter was up 7%. The results topped expectations; the Street was expecting earnings of 58 cents a share on revenue of $11.56 billion, which is an increase of 5.6% over last year’s first quarter sales of $10.94 billion. "We expected the first quarter to be the most challenging of 2010 as the economic recovery gathered steam through the year," said Kurt Kuehn, UPS's , in a press release. "As it turned out, revenue was stronger than we expected due to international volume gains, increased yields in the U.S. And growth in Forwarding and Logistics. Also, the operating leverage in our streamlined network provided higher margins than anticipated." Shares of UPS rose 57 cents or 0.9%, in Wednesday' session to close at $65.45 a share. The stock was up another $2.30 or 3.51% in after-hours trading.