UPS Beats 4Q Profit Forecasts
United Parcel Service Inc. on Tuesday reported fourth-quarter earnings of $1.33 billion.
The Atlanta-based company said it had profit of $1.48 per share. Earnings, adjusted for non-recurring costs, were $1.57 per share.
The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.41 per share.
The package and delivery service posted revenue of $16.05 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $16.27 billion.
UPS expects full-year earnings to be $5.70 to $5.90 per share.
UPS shares have decreased 2 percent since the beginning of the year, while the Standard & Poor’s 500 index has declined 5 percent. The stock has fallen almost 5 percent in the last 12 months.
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