United Parcel Service (UPS) continues to deliver - on earnings, that is.
UPS posted adjusted per-share earnings more than double what analysts were forecasting during its second quarter as the pandemic drove consumers and businesses to rely on Big Brown for getting packages to their front doors.
The Atlanta-based courier posted adjusted earnings per share of $2.13, well above the $1.07 a share expected by analysts polled by FactSet. Revenue increased 13.4% to $20.5 billion, a solid $3.5 billion above what analysts were forecasting.
The better-than-expected numbers were a sharp left from the company’s first quarter, when despite being designated an essential service the delivery giant posted earnings that missed analysts’ forecasts as lockdowns slowed shipments of goods both within and outside the U.S.
“Our results were better than we expected, driven in part by the changes in demand that emerged from the pandemic, including a surge in residential volume, Covid-19 related healthcare shipments and strong outbound demand from Asia,” CEO Carol Tomé said.
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