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.
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A portion of this story was generated by Automated Insights (https://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UPS at https://www.zacks.com/ap/UPS