UPS raises its outlook as quarterly revenue climbs 6.7%
The delivery company reported adjusted earnings of $1.69 a share and lifted its full-year revenue forecast to about $92.6 billion.
UPS raised its full-year outlook Tuesday after third-quarter revenue increased 6.7% to $22.9 billion. Adjusted earnings were $1.69 a share, above the $1.63 expected by analysts. Revenue also topped the $22.29 billion forecast.
The delivery company now expects annual revenue of about $92.6 billion, up from $91.2 billion. It raised its adjusted earnings forecast to about $7.28 a share from $7.22. For the fourth quarter, UPS expects revenue of approximately $25.7 billion.
The stronger outlook came despite a year-on-year decline in reported profit. Net income was $1.16 billion, or $1.37 a share, compared with $1.31 billion, or $1.55 a share, a year earlier. The reported and adjusted figures measure different things: the adjusted result removes selected charges and other items, so the earnings beat should not be confused with an increase in reported profit.
For readers following the results, the distinction is between rising revenue, a better forecast and the lower reported bottom line. All belong in the same picture. UPS joins Coca-Cola and Boeing on a busy earnings morning; today's Toast & Tickers covers those results and the wider pre-open setup.
