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UPS Tops Q1 Earnings Forecast, Plans $2 Billion Share Buyback Target - The Street“The agility of our network and the continued execution of our strategy, putting us on our way to achieving our 2022 consolidated financial targets," said CEO Carol Tomé.
United Parcel Service (UPS) - Get United Parcel Service, Inc. Class B Report posted stronger-than-expected first quarter earnings Tuesday, while re-affirming its full-year profit forecast and unveiling plans to double its annual share buybacks to around $2 billion.
The stock was pressured in early trading, however, after the parcel delivery group said domestic volumes would continue to decline over the first half of the year, amid surging fuel and transport costs, before improving into six months ending in December.
UPS said earnings for the three months ending in March were pegged at $3.03 per share, up 9.4% from the same period last year and firmly ahead of the Street consensus forecast of $2.88 per share. Group revenues, the company said, rose 6.55% to $24.4 billion, again topping estimates of a $23.8 billion tally.