UPS’ 3Q Income Improves
UPS Inc.’s third-quarter profit rose from a year ago and the company said it expects its December shipments to rise 11%.
Net income rose to $1.21 billion, or $1.32 per share, from $1.1 billion, or $1.16 a year earlier, UPS reported Oct. 24.
Revenue rose 5.7% to $14.3 billion, and UPS confirmed its full-year earnings estimate of $4.90 to $5 per share.
Its less-than-truckload UPS Freight unit’s revenue increased 7.9% to $810 million. LTL shipments were 4.7% higher, revenue per hundredweight improved 1.1% and the unit’s operating profit and margin expanded from a year ago.
UPS plans to spend $175 million on improving its operations during the holiday rush and is opening 14 temporary shipping facilities to help expedite deliveries.
It is also upgrading its Orion software to help plot the best route for drivers and plans to hire up to 95,000 seasonal workers.
UPS is ranked No. 1 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.