UPS beats profit estimates on higher-paying customers
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By Reuters Staff
2 Min Read
(Reuters) -United Parcel Service Inc on Tuesday posted record quarterly profit and revenue on pandemic-fueled demand for doorstep deliveries and air transportation.
Shares in the world’s biggest package delivery firm soared 12.1% to $197.07 in early trading, after operating profit swelled during the first quarter, when severe winter weather briefly disrupted operations.
“The company crushed our more conservative estimates, as operating leverage in the domestic segment – the key controversy
on the stock – was very strong,” Bernstein analyst David Vernon wrote in a client note.
Business is booming at UPS and rivals like FedEx Corp, DHL and Amazon.com Inc since the pandemic shifted purchases of everything from food to furniture online.