Shares of United Parcel Service Inc. UPS, -0.84% edged up 0.5% in premarket trading Tuesday, after the package delivery giant reported second-quarter profit and revenue that beat expectations, even as the U.S. domestic business came up short of revenue forecasts. Net income rose to $2.68 billion, or $3.05 a share, from $1.77 billion, or $2.03 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $3.06, to beat the FactSet consensus of $2.81. Revenue rose 14.5% to $23.42 billion from $20.46 billion, above the FactSet consensus of $23.19 billion. U.S. domestic segment revenue grew 10.2% to $14.40 billion, helped by a 13.4% increase in revenue per piece, but was below the FactSet consensus of $14.76 billion; international segment revenue increased 30.0% to $4.82 billion, topping expectations of $4.57 billion; and supply chain solution revenue rose 14.3% to $4.21 billion to beat expectations of $3.85 billion. The company affirmed its 2021 outlook for capital expenditures of about $4.0 billion. The stock has rallied 24.6% year to date through Monday, while the Dow Jones Transportation Average DJT, +0.11% has advanced 18.1% and the Dow Jones Industrial Average DJIA, +0.24% has gained 14.8%.
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