UPS stock rallies as profit and revenue beat expectations, amid strength in U.S. package business

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Shares of United Parcel Service Inc. UPS,
+1.33%
rallied 1.5% in premarket trading Tuesday, after the package delivery giant reported first-quarter profit and revenue that beat expectations, boosted by strength in its US Domestic segment, and affirmed its full-year outlook. Net income fell to $2.66 billion, or $3.03 a share, from $4.79 billion, or $5.47 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $3.05 beat the FactSet consensus of $2.89. Revenue rose 6.4% to $24.38 billion, above the FactSet consensus of $23.82 billion, as US Domestic Package revenue grew 8.0% to $15.12 billion to beat expectations of $14.83 billion amid a 9.5% increase in revenue per piece. International Package revenue grew 5.8% to $4.88 billion, below the FactSet consensus of $5.00 billion, and Supply Chain Solutions revenue increased 2.0% to $4.38 billion to top expectations of $4.07 billion. For 2022, the company affirmed its revenue guidance of “about $102 billion,” compared with the FactSet consensus of $102.08 billion. The stock has dropped 11.5% year to date through Monday, while the Dow Jones Transportation Average DJT,
+1.10%
has lost 7.6% and the Dow Jones Industrial Average DJIA,
+0.70%
has slipped 6.3%.

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Credit: www.marketwatch.com /

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