UPS Profit Jumps as Price Hikes and Domestic Growth Fuel Revenue

UPS (UPS) delivered strong first quarter earnings that beat estimates but missed on revenue. The delivery giant reported earnings of $1.12 per share, with profit up 14 percent from last year's numbers. Revenue increased to $13.97 billion but fell slightly short of Wall Street predictions. Price hikes and increased productivity within the company pushed the stock higher following the news. UPS shares have been overshadowed recently by rival Fedex (FDX) who have seen their stock jump around 26 percent during 2014. Domestic growth fueled earnings for UPS this quarter despite the strains of the strong dollar. The company also announced that Chief financial officer Kurt Kuehn will retire on July 1st to be succeeded by Richard Peretz, who is currently the company treasurer.