United Parcel Service Inc. (UPS) revenue rose by 4.2% to $24.16 billion, with EPS up 10.3% to $2.99.
The United Parcel Service Inc. (UPS) posted earnings on Tuesday for the latest quarter ended 30 September 2022, with revenue climbing 4.2% to $24.16 billion compared to $23.18 billion last year for the same period. The company’s revenue missed estimates of $24.3 billion and fell short of last quarter’s revenue of $24.76 billion. Domestic revenue rose 8.2%, driven by an increase of 9.8% in per piece revenue, while International revenue rose 1.7%, with a 9.8% increase in per piece revenue. CEO Carol Tomé backed the company’s performance, highlighting a dynamic macro environment stating, “The macro environment is very dynamic, but we are on track to achieving our 2022 financial targets by executing our strategy and controlling what we can control.” Net income for the quarter was $2.6 billion, clearing estimates by $130 million, and improving by nearly 10% year-on-year, but fell from last quarter’s revenue of $2.8 billion.
EPS was $2.99, up 10.3% from last year and clearing estimates of $2.85 but declined from last quarter’s EPS of $3.29. UPS’ shares gained 0.30% premarket to $168.05, before closing at $167. Analysts have a moderate view on the stock, with 46% recommending “Buy”, 46% recommending “Hold”, while the remaining 8% recommend “Sell” with a consensus 12-month price target of $195.
