United Parcel Service reported a jump in quarterly profits and revenues despite a dip in residential deliveries as pandemic lockdowns lift.
The parcel delivery company said revenues jumped to $23.4bn in the second quarter, up 14.5 per cent from the year before. This was slightly ahead of analysts’ forecasts of $23.2bn, according to a Refinitiv survey.
Net income rose to $2.7bn or $3.05 per share, compared with $1.77bn or $2.03 a share in the year ago quarter. Adjusting for one-time items, the company reported earnings of $3.05 a share, a 50.2 per cent jump over last year’s second-quarter results, and above expectations of $2.82 a share.
In the US, revenue was up 10.2 per cent because of a strong improvement in all product lines. Adjusted operating profit was $1.7bn, up from $1.2bn in 2020’s second quarter. The adjusted operating margin for the segment rose to 11.6 per cent, the firm’s highest…