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UPS Rises on Q2 Beat; Raises Year Forecast

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Well-known member
Jan 29, 2002
  • Thursday, July 22, 2010 ET

By Tiernan Ray

Shares of United Parcel Service (UPS) are up $2.09, or 3.5%, at $62.10 in pre-market trading after the company beat analysts’ Q2 estimates and raised its profit outlook for the year.
Q2 revenue rose by 13% from the year-earlier period, to $12.2 billion, beating the consensus by $200 million, yielding profit per share of 84 cents , 7 cents better than expected.
For the year, UPS raised its forecast to an earnings range of $3.35 to $3.45 per share, representing as much as 50% year-over-year growth. That’s up from a prior forecast of $3.05 to $3.30 offered back in May at the time of the Q1 report.
UPS “fired on all cylinders,” said chair and CEO Scott Davis.
Total shipping volume for UPS rose 4% in the quarter, while revenue from each package shipped rose 7%, through a combination of both rates and fuel surcharges.
Domestic package volume rose more than 1%, the company said, with ground shipping up 2%. Revenue per item rose 6%, mostly through higher fuel costs.
The company said its freight unit returned to a profit in the quarter, as expected, with 10% revenue growth.

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