UPS shares jump on strong fourth quarter earnings as Covid continues to drive online shopping
A driver for an independent contractor wears a protective mask while operating a delivery truck to delivery N95 respirator masks outside a United Parcel Service Inc. (UPS) Ground sorting facility in Louisville, Kentucky, U.S., on Monday, April 13, 2020.
Luke Sharrett | Bloomberg | Getty Images
Shares of UPS jumped by about 4% in premarket trading Tuesday after the company reported better-than-expected revenue and profits over the busy holiday shopping season, reflecting a boom in online shopping due to the Covid-19 pandemic.
Here’s how UPS did during the fourth quarter ended Dec. 31 compared with what investors expected, based on estimates compiled by Refinitiv:
- Adjusted EPS: $2.66 per share vs. $2.14 expected.
- Revenue: $24.9 billion vs. $22.87 billion expected.
UPS did not provide an outlook on its future earnings due to ongoing uncertainty from the pandemic.
“Our financial performance in the fourth quarter exceeded our expectations, and I thank all UPSers for their extraordinary efforts to deliver industry-leading service through the holidays.” CEO Carol Tomé said in the earnings statement.
This is a developing story. Please check back later for updates.
