UPS Raises Earnings Outlook Amid Robust Growth

Q3 Earnings Beat Estimates

United Parcel Service (UPS) has announced strong financial results for the third quarter of 2023, surpassing analysts' expectations.

The company reported diluted earnings per share of $3.59, a 12.4% increase from the same period last year.

UPS attributed its growth to a surge in e-commerce activity and increased international shipping volume.

Domestic package volume increased by 6.5%, while international package volume grew by 10.8%.

The company's revenue also increased by 10.4% year-over-year, totaling $26.3 billion.

Based on its strong performance, UPS has raised its earnings outlook for the full year.

The company now expects diluted earnings per share to be in the range of $16.85 to $17.25, up from the previous guidance of $16.50 to $17.00.

The strong earnings report has had a positive impact on UPS's stock price.

Shares of UPS rose by over 5% in pre-market trading, reaching their highest level in over a year.

UPS's strong financial performance is a testament to the company's ability to adapt to changing market conditions.

The company's focus on e-commerce and international shipping has positioned it well for continued growth in the future.