UPS beats Q3 expectations

24th Oct 2024 14:17

(Sharecast News) - Logistics firm United Parcel Service beat quarterly profit expectations on Thursday as the group benefitted from improved volumes and tight cost controls.

UPS said adjusted profits had grown to $1.76 per share, ahead of analysts' estimates of $1.63 per share, while consolidated revenues were up 5.6% at $22.25bn, also ahead of expectations on the Street. Q3 domestic volumes grew by 6.5%.

Q3 adjusted operating margins came in at 8.9%, beating expectations for a print of 8.9%. It also guided for a FY operating margin of 9.6%.

"After a challenging 18-month period, our company returned to revenue and profit growth," said chief executive officer Carol Tomé. "Peak season is nearly upon us, and we are ready to deliver another successful holiday season and continue the progress we demonstrated in the third quarter."

As of 1415 BST, UPS shares were up 9.20% in pre-market trading at $143.50 each.