SUBSCRIBE

CATEGORIES

UPS Gains Premarket As Pandemic-Led Deliveries Drive Earnings Higher

imageStock Markets29 minutes ago (Apr 27, 2021 08:22AM ET)

(C) Reuters.

By Dhirendra Tripathi

Investing.com – UPS (NYSE:UPS) shares were trading at new highs for the year in premarket Tuesday after the company reported earnings higher than estimates.

Consolidated operating profit at the logistics company was $2.8 billion, up 158%. Diluted earnings per share were $5.47 for the quarter, up 141% on an adjusted basis. Consolidated revenue rose 27% to $22.9 billion.

The company’s lack of guidance owing to “continued economic uncertainty” did little to subdue sentiment. It reaped the benefit of pandemic-driven e-commerce in the quarter – including fees for the delivery of Covid-19 vaccines for the first time

Consolidated average daily volume in the March quarter increased 14.3% year-on-year.

UPS reaffirmed its planned capital expenditure of $4 billion for 2021. It will repay $2.5 billion in debt in 2021, which includes $1.5 billion it paid in the first quarter.

By 8:45 AM ET, the shares were indicated at $190.50, up 8.4% from Monday’s close. UPS’s 52-week high is $181.19.

UPS Gains Premarket As Pandemic-Led Deliveries Drive Earnings Higher

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.