UPS quarterly adjusted profit rises on lucrative deliveries
2022.07.26 13:37
A UPS delivery van is driven long a city street in Garden Grove, California, U.S., March 29, 2022. REUTERS/Mike Blake
(Reuters) – United Parcel Service Inc (NYSE:UPS) on Tuesday reported a higher quarterly adjusted profit on the back of lucrative deliveries, offsetting a decline in e-commerce volumes.
As domestic deliveries started to recede, delivery firms such as UPS and FedEx Corp (NYSE:FDX) pivoted to higher-paying small businesses and enterprise customers to drive volumes and earnings.
E-commerce shipments fell from pandemic highs as COVID safety protocols lifted and shoppers reprioritized spending due to higher rent, food and fuel costs.
Atlanta-based UPS posted second-quarter adjusted earnings of $3.29 per share, compared with $3.06 per share a year earlier.
Revenue rose 5.7% to $24.76 billion.
