UPS (United Parcel Service) posted earnings on Wednesday.
The Atlanta-based delivery company posted adjusted net income of $1.96 billion, or $2.24 a share, vs. adjusted income of $33 million, or 4 cents a share, in the comparable year-ago quarter. Analysts polled by FactSet had been expecting earnings of $1.90 a share.
Revenue increased 15.9% to $21.2 billion, above the $18.3 billion in brought in a year ago and a solid $1 billion above analysts' forecasts of $20.2 billion. In the U.S., operating profit came in at $2.4 billion, up 11% from a year ago.
The better-than-expected numbers reflect the dramatic shift to having goods delivered door to door amid the global pandemic that has spurred one of the most dramatic shifts in commerce in history.
CEO Carol Tome specifically pointed to "continued strong outbound demand from and growth from small and medium-sized businesses” as reason for the strong uptick in sales and earnings, something that is expected to continue in the fourth quarter ahead of what is anticipated to be a record-breaking online holiday shopping season.
And Jim Cramer had Tome on Mad Money Wednesday night.
"Tome, formerly the head of Home Depot, said that UPS is a company with a rich history and a very bright future. She called UPS an "opportunity-rich" company that is only just beginning its modernization," wrote TheStreet's Scott Rutt in his Mad Money recap. "Tome explained that the world is changing and UPS needs to lean into a new experience for their customers. "Better, not bigger," is the company's mantra as they aim to serve their customers how they want to be served, with a new, digital experience."