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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About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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