UPS beats quarterly profits as it promotes epidemic home deliveries

File photo: United Parcel Service (UPS) company logo displayed on a screen at the New York Stock Exchange (NYSE) on October 22, 2019. REUTERS / Brendan McDermott

(Reuters) – United Parcel Service Inc. UPSN Beat profit expectations on Wednesday due to an increase in home supplies due to the COVID-19 epidemic.

The average daily rate in the United States is up 13.8%.

“Our results are driven by the need for continued outflows from Asia and the growth of small and medium-sized businesses,” CEO Carol Domme said in a statement.

Last month, the company said it would hire more than 100,000 workers for the winter holidays, which retailers are extending to avoid a distribution network that is already taxed by infectious fuel online shopping.

Net income for the quarter ended Sept. 30 rose to about $ 2 billion, or 24 2.24 per share, from $ 1.75 billion a year ago, or $ 2.01 per share.

Excluding items, UPS earned 28 2.28 per share, beating analysts’ average rating of 90 to 1.90 per share, according to Refinitive data.

Revenue rose to $ 21.24 billion from $ 18.32 billion a year earlier.

Report by Sanjana Sivadas in Bangalore and Lisa Bertley in Los Angeles; Editing by Arun Goyur

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