On a GAAP basis, the company reported $0.48 per share.
The company’s CEO said:
Our results were achieved in an environment of slowing global trade and changing market dynamics. This not only highlights the flexibility of our business model; it illustrates the breadth of the UPS product portfolio in meeting the needs of customers.
The company said it delivered 15.5 million packages a day during the third quarter, an increase of 2.9% compared with the same period a year ago.
UPS also refreshed its outlook, now estimating full-year EPS of $4.55 to $4.65, up 5% to 7% compared with last year’s earnings. The consensus full-year estimates called for EPS of $4.56 on revenues of $54.49 billion.
In the United States, the company’s revenue rose $94 million year-over-year, as package volume increased, but revenue per package fell by 0.8% due to lower fuel surcharges and changes in product mix. The company’s international segment experienced its highest operating profit ever, up more than 15% compared with the same period a year ago. But as in the U.S., revenue was lower as a result of lower fuel surcharges and currency exchange rates.
UPS’s shares are up about 1% in premarket trading, at $72.30 in a 52-week range of $66.46 to $81.79. Thomson Reuters had a consensus analyst price target of around $84.60 before today’s report.
Paul Ausick
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