UPS profit rises 23% on e-commerce demand
A United Parcel Service driver unloads bundle within the Lincoln Park neighborhood of Chicago, Illinois, U.S., on Monday, Nov. 30, 2020.
Christopher Dilts | Bloomberg | Getty Pictures
United Parcel Service reported a 23% rise in quarterly revenue on Tuesday, bolstered by excessive e-commerce demand that has allowed the supply agency to lift transport costs and cherry-pick extra worthwhile clients.
UPS and rival FedEx are delivering report variety of e-commerce packages since Covid-19 shifted buying on-line.
Each have added profit-sheltering surcharges to offset the upper price related to dwelling deliveries, and now are grappling with the sharply larger price to rent and retain reliable drivers.
UPS’ third-quarter working revenue rose to about $2.9 billion, or $2.65 per share, from $2.36 billion, or $2.24 per share, it had reported a 12 months earlier.
The corporate additionally raised its full-year adjusted working margin goal to about 13% from about 12.7%.