UPS delivery volume initiated by pandemic continues to surge


ATLANTA (AP) — A surge in the volume of deliveries that arrived with the start of the pandemic has not eased at UPS, where consolidated average daily volume jumped 14.3% in the first quarter.

The Atlanta company on Tuesday posted earnings of $4.79 billion, or $5.47 per share. Per-share profits with one time gains or losses removed were $2.77 per share, far exceeding Wall Street projections for $1.67, according to survey by Zacks Investment Research.

Those one time gains included a pension benefit of $2.5 billion. The passage of the American Rescue Plan Act of 2021 last month means big employers get protection against insolvency of their pension plans. That reduced UPS’ pension liability by $6.4 billion.

Revenue was $22.91 billion, also easily beating expectations handily.

Shares, up 75% in the last 12 months, surged 8% before the opening bell which could mean an all time high for the company’s stock Tuesday if that trend holds.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trademark and Copyright 2021 The Associated Press. All rights reserved.

Don't miss

More Featured

Latest News

More News